The World Bank reported that the Philippines was the fourth biggest recipient of remittances from migrant workers in 2018, next only to India, China, and Mexico.
Based on the World Bank’s April 2019 Migration and Development Brief showed that India’ had the most remittances with $78.6 billion, China with $67.4 billion, Mexico with $35.7 billion and the Philippines that recorded $33.8 billion in remittance flows.
The 3.1-percent growth in remittances last year slowed from 2017’s 5.4 percent.
The World Bank expects remittance flows to the Philippines and other labor-exporting countries to increase with Japan’s new policy to hire 345,000 foreign workers in the next five years starting this April.
The countries prioritized by Japan to deploy foreign workers include the Philippines, Cambodia, China, Indonesia, Mongolia, Myanmar, Nepal, Thailand, and Vietnam.
Migrant workers from the said countries would be deployed to 14 sectors in Japan that have “severe labor shortages,” the World Bank
reported.
“Both Nepal and the Philippines signed a memorandum of cooperation with Japan on March 25, 2019. The Philippines is seeking to capitalize on the new demand, particularly for skilled workers, and anticipates filling nearly 100,000 of the possible positions,” the World Bank said.
The dollar remittances from overseas Filipino workers were the Philippines’ largest source of foreign income that has boosted local
consumption and economic growth.
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