Economy
Remittance Growth Slows, Household Buffer Thins in Philippines
Remittances to the Philippines are slowing, weakening their support for household consumption. With inflation eroding real purchasing power, consumption reliant on remittances is becoming less potent than in prior years, potentially impacting foreign reserves.
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- Remittances Slowdown Raises Concerns Over Household Consumption Support
Remittances to the Philippines from overseas Filipino workers (OFWs) recorded their slowest growth since February 2022, rising 1.7% year-on-year to $3.04 billion in June. Coupled with high inflation, this slowdown raises concerns about its diminishing support for household consumption.