WB: With lowest fees in Asia, PH fourth biggest remittance destination in 2021 | Inquirer Business
Close  

WB: With lowest fees in Asia, PH fourth biggest remittance destination in 2021

By: - Reporter / @bendeveraINQ
/ 04:07 PM May 12, 2022
World Bank

INQUIRER.net Stock Photo

MANILA, Philippines—As sending money back home to the Philippines was among the cheapest in the region, the country was the fourth-biggest recipient of remittance flows from migrant workers in 2021, the World Bank said.

In its latest Migration and Development Brief published on May 10, the World Bank said that the top five destinations of remittances last year were India ($89 billion), Mexico ($54 million), China ($53 million), the Philippines ($37 million), as well as Egypt ($32 million).

ADVERTISEMENT

“The Philippines benefited directly from job creation and wage gains in the United States, which accounted for almost 40 percent of remittance receipts,” World Bank said.

“The country registered a moderate 4.3-percent advance in the year to $37 billion,” it said.

FEATURED STORIES

The World Bank added that the Philippines and Vietnam “enjoyed positive spillovers from the United States in the form of a fast and strong recovery, generous stimulus payments, as well as record employment and wage growth in 2021.”

As a share of gross domestic product (GDP), cash sent back home by Filipinos working and living overseas was equivalent to 9.3 percent in 2021.

The World Bank said it helped that remittance fees to the Philippines were among the lowest in the East Asia and Pacific region.

Sending money to the Philippines from Kuwait, Singapore, the United Arab Emirates (UAE), and Malaysia belonged to the five cheapest corridors in the region during the fourth quarter of last year.

“Remittance inflows to the Philippines and Vietnam are expected to grow 4.4 percent in 2022 and 3.6-4.5 percent in 2023,” World Bank said.

Remittances were the Philippines’ top dollar earner, as well as a driver of domestic consumption among beneficiary-households in an economy that mostly relies on consumer spending.

TSB

RELATED STORIES:

Remittances from Filipinos abroad expected to rise by 4% in ’22

PH to benefit from global boom in remittances

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: Business, ofws, remittance fees, Remittances, World Bank
For feedback, complaints, or inquiries, contact us.

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 1997-2022 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.