Philippines may see US$35 billion OFW remittances fall by 20% this year

MANILA, April 23 (Inquirer Business/ANN) - Remittance flows to the Philippines may decline by more than a fifth this year as many Filipinos working and living abroad stand to lose employment while the global economy grapples with the COVID-19 pandemic, the Washington-based World Bank said.

“Year-on-year growth in remittances [to the Philippines] for January and February 2020 was 4.8 percent and 4.4 percent, respectively, suggesting little slowdown to date. However, the government is anticipating a 20-30 percent decline in remittances for 2020 and a corresponding growth rate of 2 percent due to the fallout from COVID-19, ” the World Bank said in its latest Migration and Development Brief for April 2020 titled “COVID-19 Crisis Through a Migration Lens” released on Wednesday.

Limited time offer:
Just RM5 per month.

Monthly Plan


Billed as RM5/month for the 1st 6 months then RM13.90 thereafters.

Annual Plan


Billed as RM148.00/year

1 month

Free Trial

For new subscribers only

Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!


Next In Regional

Thailand drops joint patrols with Chinese police after public backlash
Cops on the hunt for cable thieves in Ayer Hitam
Najib wanted to answer questions on money laundering in court, says investigating officer
Hearing for Siti Bainun's appeal against conviction postponed to Jan 30 next year
Biker ambushed by a tiger near Gua Musang, lives to tell his tale
Historic day for human rights in Malaysia, says Azalina
Many workers in boycott-hit companies are locals, says Rayer
Two nabbed for launching fireworks at police in Lembah Subang
Federal Court commutes death, natural life jail sentences of 11 convicted for drug trafficking
RM15,000 max recruitment cost for new Indonesian domestic worker, says Human Resources Ministry

Others Also Read