Philippines: Remittances drop at sharper rate in January
March 14, 2021
Remittances totaled USD 2.6 billion in the first month of 2021, representing a 1.7% year-on-year decline and dropping at a sharper rate than December’s 0.4% contraction. On a cumulative basis up to January, remittances summed USD 29.9 billion, remaining stable for the fourth successive month. January’s 12-month rolling total signaled a 1.5% drop from a year earlier (December 2020: -0.8% 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.