Philippines remittance growth likely rebounded

The Philippines will release February remittance data on 15 April. The growth in overseas workers' remittances is expected to have rebounded to 4.5% y/y from 0.5% in January due to fewer holidays in February than January. 

Remittance growth should remain stable, but faces near-term challenges. Remittances from Asia have contracted on a y/y basis for three consecutive months, reflecting consolidating growth momentum in the region. 

"Growth in remittances from Europe has declined for eight consecutive months. Remittances from the Middle East may also ease if low oil prices impact employment prospects and wage growth for overseas workers.We expect remittance growth to improve as the year progresses", said Standard Chartered in a report on wednesday