Philippines: Remittances bounce back solidly in February
Remittances totaled USD 2.5 billion in February, representing a 5.1% increase in annual terms, swinging from January’s 1.7% decline and logging the best reading in five months. On a cumulative basis up to January, remittances summed USD 30.0 billion, edging up from January’s USD 29.9 billion sum. February’s 12-month rolling total signaled a 1.2% drop from a year earlier (January: -1.5% year-on-year).
Remittances, which accounted for roughly 9.0% of GDP in 2020, are an important source of income for many Filipino families and a key driver of private consumption.