The Philippines: Remittances jump 3.2% in Mar 22

  • MONEY SENT HOME by overseas Filipinos rose by 3.2% in Mar 22, reflecting improved economic conditions in many host countries as pandemic restrictions eased.
  • The Mar 22 remittance growth is also the fastest in three months or since the 3.3% rise in Dec 21.
  • In 1Q22, cash remittances rose by 2.4% y/y to USD7.77bn, from USD7.59bn in 1Q21. This was mainly due to higher inflows from the United States, Japan, Singapore, Taiwan, and Saudi Arabia.
  • The BSP expects remittances to grow by 4% in 2022.

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