Philippines Remittances February 2022

Philippines

Philippines: Remittances grow at slower pace in February

April 17, 2022

Remittances tallied USD 2.5 billion in February, representing a 1.3% year-on-year jump. This follows January's 2.5% year-on-year expansion.

On a cumulative 12-month basis up to February, remittances summed USD 31.5 billion, following the USD 31.4 billion registered in January. February’s 12-month moving average signaled a 5.1% rise from a year earlier (January: +5.4% year-on-year).

Private consumption is seen expanding 6.6% in 2022, which is unchanged from last month’s forecast. In 2023, household spending is seen growing 6.1%.


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Philippines Remittances February 2022

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


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