Philippines Remittances April 2022

Philippines

Philippines: Remittances rise in April at fastest rate since November 2021

June 15, 2022

Remittances came in at USD 2.4 billion in April, reflecting a 3.9% year-on-year rise, following March's 3.2% year-on-year increase. The year-on-year increase was the largest since November 2021.

On a cumulative 12-month basis up to April, remittances summed USD 31.7 billion, following the USD 31.5 billion registered in March. April’s 12-month moving average signaled a 4.4% rise from a year earlier (March: +5.0% year on year).

Private consumption is seen expanding 6.7% in 2022, which is up 0.4 percentage points from last month’s forecast. In 2023, household spending is seen growing 5.8%.


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Philippines Remittances April 2022 1

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


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