Philippines Remittances July 2021


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.


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Philippines Remittances Chart

Philippines Remittances July 2021

Note: Monthly OFW cash remittances in USD billion and annual variation in %.
Source: Central Bank of the Philippines (BSP).

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