Philippines Remittances August 2021


Philippines: Growth in remittances picks up in August

October 15, 2021

Remittances totaled USD 2.9 billion in August, representing a 5.1% year-on-year expansion. This follows July's 2.5% year-on-year increase. On a cumulative 12-month basis up to August, remittances summed USD 31.0 billion, above the USD 30.9 billion registered in July. August’s 12-month rolling total signaled a 4.7% increase from a year earlier (July: +3.9% year-on-year).

Private consumption is seen expanding 2.2% in 2021, which is down 0.9 percentage points from last month’s forecast. In 2022, household spending is seen growing 6.2%, which is down 0.3 percentage points from last month’s forecast.


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Philippines Remittances Chart

Philippines Remittances August 2021

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

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