Philippines: Remittances rebound in September

Remittances summed USD 2.6 billion in September, representing a 9.3% year-on-year expansion. This follows August's 4.1% year-on-year fall. On a 12-month moving average basis, in September remittances totaled USD 29.8 billion, above the USD 29.6 billion registered in August. September’s 12-month moving average was stable from a year earlier (August: -0.3% year-on-year). Solid remittances in recent months have been one of the few bright spots of the Philippines’ pandemic-struck economy, and are propping up consumption to an extent.

Private consumption is seen expanding 6.3% in 2021, which is up 0.1 percentage points from last month’s forecast. In 2022, household spending is seen growing 5.9%.