The Philippines: Jan 22 remittances up despite virus surge

  • MONEY sent home by Filipino migrants rose for an 11th consecutive month in January, reflecting improving employment prospects abroad despite the Omicron-driven surge in coronavirus disease 2019 (COVID-19) infections.
  • Data released by the Bangko Sentral ng Pilipinas (BSP) showed remittances increased by 2.5% y/y in Jan 22. Remittances declined 10.7% m/m in Jan 22, reflecting the seasonal dip in inflows as the holiday season ended.
  • The BSP expects remittances to grow by 4% this year, as virus restrictions are further relaxed.

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