Philippines cash remittances edge higher in MayStaff Writer | July 19, 2018
In May, cash remittances from Overseas Filipino Workers (OFW) reached $2.5 billion, a 6.9% expansion from the same month of the previous year. The reading came in below April’s 12.7% year-on-year expansion.
Asia The overall trend improved
May’s 12-month total was 4.2% higher than in the corresponding period last year and slightly above from the 4.1% annual increase observed in the 12 months up to April.
Remittances, which accounted for approximately 10.0% of GDP in 2017, are an important source of income for many Filipino families and thus constitute one of the main drivers of private consumption.
The increase observed in May was mainly due to higher remittances from countries including the United States, the United Kingdom and Singapore.
FocusEconomics Consensus Forecast panelists expect private consumption to grow 6.3% in 2018, which is unchanged from last month’s projection. For 2019, the panel expects private consumption to expand 5.9%. ■