Philippines: Remittances rise in March
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.