Philippines Remittances June 2021

Philippines

Philippines: Growth in remittances slows in June

August 15, 2021

Remittances totaled USD 2.6 billion in June, representing a 7.0% year-on-year expansion. This follows May's 13.1% year-on-year increase. On a cumulative 12-month basis up to June, remittances summed USD 30.8 billion, above the USD 30.6 billion registered in May. June’s 12-month rolling total signaled a 4.4% increase from a year earlier (May: +4.4% year-on-year).

Private consumption is seen expanding 3.9% in 2021, which is down 0.1 percentage points from last month’s forecast. In 2022, household spending is seen growing 7.0%.


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Philippines Remittances June 2021

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


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