The Philippines: Remittances rises at fastest pace in 5 months in Feb 21

  • Money sent home by Filipinos abroad grew by their fastest pace in 5 months in Feb 21, putting the YTD tally in positive territory and potentially ushering in a growth period that rides on the back of 2020’s devastating results that give the benefit of a low base.
  • Cash remittances increased 5.1% y/y in Feb 21, the Bangko Sentral ng Pilipinas (BSP) reported on 15 Apr 21. The expansion was the fastest since the 9.3% growth in Sep 20, although in absolute terms, inflows were at a 3-month low.
  • From Jan to Feb 21, inflows reached were up 1.5% y/y and reversing a 1.7% decline at the start of 2021. As typical, BSP said majority of remittances came from the US, which had a 41% share, as Filipinos elsewhere in the world also use American banks to send money home.
  • Cash remittances were also up in Saudi Arabia, United Arab Emirates and Qatar, as well as in Singapore, Japan, Malaysia, Canada, Taiwan and the UK.

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