Philippines Remittances May 2022

Philippines

Philippines: Remittances rise at a more moderate pace in May

July 14, 2022

Remittances came in at USD 2.4 billion in May, representing a 1.8% year-on-year rise. This follows April's 3.9% year-on-year increase.

On a cumulative 12-month basis up to May, remittances summed USD 31.7 billion, compared to the USD 31.6 billion registered in April. May’s 12-month moving average signaled a 3.6% rise from a year earlier (April: +4.4% year on year).

Private consumption is seen expanding 7.5% in 2022, which is up 0.8 percentage points from last month’s forecast. In 2023, household spending is seen growing 5.6%.


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Philippines Remittances May 2022

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


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