According to the World Bank’s most recent Migration and Development Brief, “the top recipient countries for remittances in 2022 are expected to be India, setting a benchmark of $100 billion, followed by Mexico with a tally of $60 billion (which replaced China in second place during 2021), China, Philippines, and the Arab Republic of Egypt.”
According to the World Bank, the Philippines is anticipated to be among the top recipients of remittances this year, with $38 billion in funds projected to be transferred from abroad.
According to the World Bank’s most recent Migration and Development Brief, “the top recipient countries for remittances in 2022 are expected to be India, setting a benchmark of $100 billion, followed by Mexico with a tally of $60 billion (which replaced China in second place during 2021), China, Philippines, and the Arab Republic of Egypt.”
Remittance inflows to the Philippines are anticipated to increase by about 4% this year, from $36.7 billion to $38 billion.
Egypt is anticipated to get $32 billion in remittances in the same year, while China is predicted to receive $51 billion.
Remittances to the Philippines are anticipated to make up 9.5% of the nation’s gross domestic product this year.
Remittances to the Philippines, according to the World Bank, are anticipated to increase this year as a result of agreements with destination governments, such as Saudi Arabia, for better treatment of Filipino workers abroad.
“In 2022, the ban on immigration to Saudi Arabia that had been in place because of the mistreatment of employees was finally abolished. Additionally, demand from new OECD (Organization for Economic Cooperation and Development) destinations for qualified Filipino employees in the health and hospitality industries increased remittances, it said.
The Philippines, like Vietnam, has benefited from salary increases and labor shortages in the US and the UK, according to the World Bank, with close to 40 to 60 percent of its immigrants working in these two nations. This happened despite the pandemic-related subsidies being phased out and the record-high inflation that made it harder to transmit remittances.
Remittances to the Philippines are expected to increase by 2% to $39 billion in the upcoming year, according to the World Bank.
Remittances are expected to have increased by just 0.7 percent to $134 billion this year for the East Asia and Pacific area, according to the World Bank.
Remittances to the region are anticipated to fall somewhat the following year, reaching $133 billion.
Remittances to East Asia and the Pacific, excluding China, are expected to have increased by 3.7 percent to $83 billion this year, according to the multilateral lender. Remittances to East Asia and the Pacific outside of China are anticipated to increase slightly to $84 billion in 2019.
“Results are more likely to be influenced by developments in the destination nations. The ability of East Asian migrants to remit money will be negatively impacted by poor growth or high inflation, according to the World Bank.
The World Bank forecasts that remittance flows for low- and middle-income countries have increased by 4.9 percent to $626 billion this year from $597 billion last year. Remittance flows this year to developing regions, according to the World Bank, demonstrate both the migrants’ commitment to supporting their families at home and the better income and employment position of international workers as a result of the reopening of numerous industries in host nations.
However, escalating costs and fluctuating exchange rates also had an impact on remittances.
Remittances to low- and middle-income countries are anticipated to increase to $639 billion in 2019.
Remittance flows are anticipated to increase to $794 billion globally this year from $781 billion in 2021, according to the World Bank.
The World Bank anticipates a rise in global remittance flows to $815 billion in 2019.
“Migrants support their families through remittances while assisting in loosening up the tight labor markets in their host nations. Workers have been aided in navigating the financial and employment uncertainty brought on by the COVID-19 pandemic by inclusive social protection policies. According to Michal Rutkowski, global director for Social Protection and Jobs at the World Bank, such policies have an impact on the entire world through remittances and must be maintained.
