REMITTANCE INFLOWS to the Philippines are expected to rise by 3.6% this year, the World Bank (WB) said, but it sees growth slowing in 2023 as a looming global economic slowdown is likely to weigh on OFWs ability to send more money home.
On the other hand, Bangko Sentral ng Pilipinas Governor Felipe M. Medalla said he expects OFW remittances “to be 4% to 5% higher than last year.”
“ reflected benefits of bilateral arrangements that the Filipino government forged recently with destination governments to improve the treatment of Filipino workers,” the World Bank said. “With nearly 40-60% of their emigrants employed in the United States and the United Kingdom, the Philippines and Vietnam beneted from the wage hikes and labor shortages in these countries, even as the pandemic-related stimulus subsidies were phased out and record-high inflation eroded their remitting ability,” it said.
India is the first country on track to receive more than $100 billion in annual remittances, the World Bank said. “Downside risks, including a further deterioration in the war in Ukraine, volatile oil prices and currency exchange rates, and a deeper-than-expected downturn in major high-income countries, are substantial,” it added.
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