Philippines Remittances February 2021

Philippines

Philippines: Remittances bounce back solidly in February

April 14, 2021

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.

Private consumption is seen expanding 5.8% in 2021, which is down 0.3 percentage points from last month’s forecast. In 2022, household spending is seen growing 6.3%.


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Philippines Remittances February 2021

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


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