Philippines Remittances April 2021

Philippines

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.

Private consumption is seen expanding 4.7% in 2021, which is down 0.3 percentage points from last month’s forecast. In 2022, household spending is seen growing 6.7%.


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Philippines Remittances April 2021

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


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