Philippines Remittances January 2021

Philippines

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.

Private consumption is seen expanding 6.1% in 2021, which is unchanged from last month’s forecast. In 2022, household spending is seen growing 6.3%.


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Philippines Remittances January 2021 0

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


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