Philippines remittance growth likely rebounded; challenges ahead

The Philippines will release February remittance data on 15 April. 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. 

"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, in our view, but faces near-term challenges", notes Standard Chartered.