Philippines expects steady remittance growth ahead

The Philippines will release April remittance data on 15 June. Acording to Standard Chartered, remittance growth is likely 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. Remittance growth to maintain a steady trend for the rest of 2015, hovering at c.5% levels, adds Standard Chartered.