Philippines: Remittances jump in April
June 14, 2021
Remittances totaled USD 2.3 billion in April, representing a 12.7% increase in annual terms, coming above March’s 4.9% rise. However, the result was flattered by a low base effect. On a cumulative basis up to April, remittances summed USD 30.4 billion, picking up from March’s USD 30.1 billion sum. April’s 12-month rolling total signaled a 1.7% increase from a year earlier (March: -0.5% 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.