The World Bank (WB) says that overall dollar remittances of overseas Filipino workers (OFWs) in 2020 are expected to decline by some 5 percent, or about P110 billion due to the adverse effects of the coronavirus scourge.
But the Philippines remains the fourth-biggest recipient of dollar inflows in the world from its diaspora due to cheap remittance fees.
The WB’s top destinations of dollar remittances in 2019 were India, China, Mexico, Philippines and Egypt. They are expected to retain their ranking in 2020.
WB studies tend to show the Philippines’ dollar-remittance level of $35.2 billion in 2019, from some 300,000 migrant workers, shrinking to $33.3 in 2020.
This is supported by data from the Philippine Overseas Labor Office showing that 230,000 OFWs had returned home as of October 2020, which is just over one-tenth of the estimated 2.2 million currently abroad. LTL