Philippines: Growth in remittances continues to slow in July
September 14, 2021
Remittances totaled USD 2.9 billion in July, representing a 2.5% year-on-year expansion. This follows June's 7.0% year-on-year increase. On a cumulative 12-month basis up to June, remittances summed USD 30.9 billion, above the USD 30.8 billion registered in June. July’s 12-month rolling total signaled a 3.9% increase from a year earlier (June: +4.4% year-on-year).Private consumption is seen expanding 3.1% in 2021, which is down 0.8 percentage points from last month’s forecast. In 2022, household spending is seen growing 6.5%, which is down 0.5 percentage points from last month’s forecast.