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 Decem…
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.
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