Money transfers to the Philippines, May 2022

Remittances in May amounted to $2.4 billion, up 1.8% year-on-year. This follows a 3.9% year-on-year increase in April.

Cumulatively, in the 12 months to May, remittances totaled $31.7 billion compared to $31.6 billion recorded in April. The May 12-month moving average was up 3.6% year-over-year (April: +4.4% year-on-year).

Private consumption is expected to grow by 7.5% in 2022, up 0.8 percentage points from last month’s forecast. Household spending will grow by 5.6% in 2023.