Philippines Remittances May 2017

Philippines

Philippines: Remittances rebound in May

July 17, 2017

In May, cash remittances from Overseas Filipino Workers (OFW) expanded 5.5% from the same month of the previous year to USD 2.3 billion. The reading contrasted the sizeable 5.9% contraction recorded in the previous month.

The overall trend also improved as cash remittances totaled USD 27.4 billion in the 12 months to May, matching March’s multi-year high and marginally up from April’s USD 27.3 billion. The result was 5.1% higher than the same period of the previous year, mirroring the previous month’s growth rate. Remittances, which accounted for approximately 9.8% of GDP in 2016, are an important source of income for many Filipino families and thus one of the main drivers of private consumption. The expansion registered in May was mainly due growing remittances from the United Arab Emirates, Canada, Saudi Arabia and the United States.

FocusEconomics Consensus Forecast panelists expect private consumption to grow 6.0% in 2017, which is unchanged from last month’s projection. For 2018, the panel expects private consumption to expand 5.9%.


Author: Massimo Bassetti, Economist

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Philippines Remittances May 2017

Note: Monthly OFW remittances in USD billion and annual variation in %.
Source: Central Bank of the Philippines (BSP).


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