The Philippines: Remittance inflow seen to stabilize

  • Remittances from overseas Filipinos are expected to remain broadly steady in 2020 despite the adverse impact of the coronavirus pandemic on the global economy, according to digital payments provider WorldRemit.
  • The company sees the inflow of remittances to remain “resilient,” with a projected increase or decrease of only 1%-2% for the whole of 2020.
  • Melivo said that the decline in remittances was recorded at only 1.4% as of end-Sep 20, and further improvements are expected in Dec 20.
  • He said the trend of remittances peaking during the holiday season is expected to continue in Dec 20 even in the aftermath of Typhoons Rolly and Ulysses.
  • “The resilience of holiday remittances to the Philippines in 2020 can be attributed to the easing of lockdown restrictions in many countries, allowing return to work for most OFWs, as well as availability of financial aid from governments in other nations,” Melivo said.
  • According to a recent WorldRemit survey, 84% out of 3,167 respondents in the United Kingdom, United States, Canada and Australia, who have previously sent money to the Philippines, are planning to send more money or about the usual amount for Christmas in 2020.
  • More than half or 53% of the respondents said they want to help family and friends back home who have been financially impacted by the pandemic.

External Link :