Phl among top recipients of remittances for 2023

The Philippines is likely to be among the top recipients of remittances for this year, with inflows projected to hit $40 billion, according to the World Bank.

- LOUELLA DESIDERIO

“The top five recipient countries for remittances in 2023 are expected to be India, with an estimated total of $125 billion, followed by Mexico ($67 billion), China ($50 billion), Philippines ($40 billion) and the Arab Republic of Egypt ($24 billion),” the World Bank said in its latest Migration and Development Brief.

It said the projected remittance inflows to the Philippines would grow at over five percent this year compared to the under four percent uptick in 2022.

Data from the central bank showed personal remittances from overseas Filipino workers hit a record high of $36.14 billion in 2022, 3.6 percent higher than the $34.88 billion in 2021.

“The sustained growth of remittance flows to the Philippines was an outcome of a well-diversified set of Turn to B6 host destinations across the world,” the World Bank said.

It said there were strong inflows, particularly from destinations including Hong Kong, South Korea, Singapore and the Middle East.