The Philippines is projected to be the fourth top recipient of remittances this year, a report released by the World Bank said.
The World Bank’s Migration and Development Brief 39 December 2023 report said the top five recipient countries for remittances this year are India (USD125 billion), Mexico (USD67 billion), China (USD50 billion), the Philippines (USD40 billion) and Arab Republic of Egypt (USD24 billion).
“Remittance flows to the Philippines – the largest recipient after China in the East Asia and Pacific region – are likely to reach USD40 billion in 2023, growing at over 5 percent compared to under 4 percent in 2022,” it said.
For 2024, the World Bank said remittance flows to the Philippines are projected to grow by about 5 percent to USD42 billion.
Data from the Bangko Sentral ng Pilipinas (BSP) showed that cash remittances from overseas Filipinos that were coursed through banks went up by 3 percent to USD3 billion in October 2023 from USD2.91 billion in the same month last year.
The growth in cash remittances in October 2023 was primarily due to increased receipts from both land- and sea-based workers.
From January to October this year, cash remittances amounted to USD27.49 billion, higher by 2.8 percent than the year-ago level of USD26.74 billion.
The United States had the highest share of overall remittances during the period, followed by Singapore, and Saudi Arabia.*PNA