Philippines remittance growth likely slowed in January

The Philippines will release January overseas workers' remittance data on 16 March.

Standard Chartered notes the forecasts on Friday as follows:

• We expect remittances to have grown 5.2% y/y, following a 6.6% rise in December.
  
  
• Remittances grew 5.8% in 2014, slowing from 7.4% in 2013. We think remittance growth will continue to moderate as last year's base gets larger, but should remain at healthy levels above 5% y/y. 
  
  
• We see upside by end-2015 as growth in remittances from the US and Europe accelerates on faster growth in these economies. 
  
  
• A key factor to watch will be the potential impact of lower oil prices on remittances from the Middle East.