Philippines – Steady remittance growth is expected ahead

The Philippines will release April remittance data on 15 June. Remittance growth is expected to have eased to 5% y/y, from 11.3% in March. 

The strong March print was likely a one-off, supported by a more favourable exchange rate for overseas remitters and pent-up remittances from January and February. 

Q1 remittance growth was 5.5%, as high March remittances offset the low January figures. Remittances likely remain supported by the US but weighed down by Europe. 

"We expect remittance growth to maintain a steady trend for the rest of 2015, hovering at c.5% levels", said Standard Chartered in a report on Friday.