OFW remittances growth slowing | Inquirer Business

OFW remittances growth slowing

MANILA  -The growth in remittances sent home by Filipinos living and working abroad is expected to slow down from 4 percent in 2022 to 2.5 percent in 2023 and 2024, in line with the global outlook for remittances.

This is according to a report published by the World Bank (WB) in partnership with think tank Global Knowledge Partnership on Migration and Development or Knomad.

ADVERTISEMENT

The 47-page brief titled “Remittances Remain Resilient but are Slowing” estimates that remittances to the Philippines will grow from $38 billion in 2022 to $39 billion this year and $40 billion next year.

In 2022, the Philippines received the fourth biggest amount of cross-border money transfers, trailing India ($111 billion), Mexico ($61 billion), and China ($51 billion).

FEATURED STORIES

Remittance growth in the Philippines benefited from recent bilateral arrangements with governments of countries that host overseas-based Filipinos, the report said.

Also, the Philippines— along with Cambodia—is distinct among the larger East Asian countries in terms of remittances representing more than 9 percent of gross domestic product.

Remittance flows to the Philippines—the largest recipient after China in the East Asia and Pacific region—grew at about 4 percent to reach $38 billion in 2022, relative to $36.7 billion in 2021.

Examples include the government’s lifting of the ban on deployment of workers to Saudi Arabia due to the abusive treatment by employers, and specific deals forged by the Filipino government, especially with countries that are members of the Organisation for Economic Cooperation and Development.

Also helping the increase of remittances to the Philippines is the relatively lower cost of sending money here.

The expected weakening of inflows to the Philippines was attributed to a slowdown in movement of workers triggered by the revival of tourism.

READ:  OFW remittances up 3% in March

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: OFW Remittances, World Bank report
For feedback, complaints, or inquiries, contact us.
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Curated business news

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.



© Copyright 1997-2023 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.