Philippines Remittances October 2021


Philippines: Remittances growth falls in October

December 14, 2021

Remittances totaled USD 2.8 billion in October, representing a 2.3% year-on-year expansion. This follows September's 5.2% year-on-year increase. On a cumulative 12-month basis up to October, remittances summed USD 31.2 billion, above the USD 31.1 billion registered in September. October’s 12-month rolling total signaled a 4.3% increase from a year earlier (September: +4.4% year-on-year).

Private consumption is seen expanding 6.5% in 2022, which is up 0.3 percentage points from last month’s forecast. In 2023, household spending is seen growing 6.2%.


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Philippines Remittances Chart

Philippines Remittances October 2021 0

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

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