Philippines: Remittances growth rises in November

Remittances totaled USD 2.5 billion in November, representing a 5.1% year-on-year expansion. This follows October's 2.3% year-on-year increase. On a cumulative 12-month basis up to November, remittances summed USD 31.3 billion, above the USD 31.2 billion registered in October. November’s 12-month rolling total signaled a 4.7% increase from a year earlier (October: +4.3% year-on-year).

Private consumption is seen expanding 6.5% in 2022, which is up 0.3 percentage points from last month’s forecast. In 2023, household spending is seen growing 6.2%.