Philippines Remittances March 2021


Philippines: Remittances rise in March

May 16, 2021

Remittances totaled USD 2.5 billion in March, representing a 4.9% increase in annual terms, edging down from February’s 5.0% rise. On a cumulative basis up to January, remittances summed USD 30.1 billion, picking up from February’s USD 30.0 billion sum. March’s 12-month rolling total signaled a 0.5% drop from a year earlier (February: -1.3% 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 5.0% in 2021, which is down 0.8 percentage points from last month’s forecast. In 2022, household spending is seen growing 6.6%.


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Philippines Remittances Chart

Philippines Remittances March 2021 0

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

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