Philippines Remittances November 2020


Philippines: Remittances grow for third month running in November, albeit marginally

January 13, 2021

Remittances totaled USD 2.4 billion in November, representing a 0.3% year-on-year increase, following October's 2.9% year-on-year expansion, and growing for the third successive month, albeit only marginally. On a cumulative basis up to November, remittances summed USD 29.9 billion, matching October’s reading. November’s 12-month rolling total signaled a 0.6% drop from a year earlier (October: -0.4% year-on-year).

Remittances, which accounted for roughly 9% of GDP in 2019, are an important source of income for many Filipino families and a key driver of private consumption.

Private consumption is seen expanding 6.2% in 2021, which is down 0.4 percentage points from last month’s forecast. In 2022, household spending is seen growing 6.4%.


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Philippines Remittances Chart

Philippines Remittances November 20 20

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

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