Philippines: Remittances growth eases in December
Remittances totaled USD 3.0 billion in December, representing a 3.3% year-on-year expansion. This follows November’s 5.1% year-on-year increase. The print meant that on a cumulative basis, remittances hit USD 31.4 billion in 2021, an all-time high. This represents a 5.1% year-on-year increase, up from the 0.8% year-on-year contraction registered in 2020.