Philippines Remittances March 2022

Philippines

Philippines: Remittances rise in March

May 15, 2022

Remittances amounted to USD 2.6 billion in March, representing a 3.2% year-on-year increase, on the heels of February's 1.3% year-on-year rise.

On a cumulative 12-month basis up to March, remittances summed USD 31.6 billion, following the USD 31.5 billion registered in February. March’s 12-month moving average signaled a 5.0% rise from a year earlier (February: +5.1% year-on-year).

Private consumption is seen expanding 6.3% in 2022, which is down 0.1 percentage points from last month’s forecast. In 2023, household spending is seen growing 6.0%.


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Philippines Remittances March 2022

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


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