The Philippines is among the top recipients of immigrant remittances worldwide in 2017, driven by steady economic growth in the USA, Europe and Russia, the World Bank revealed in a report.
Data show Philippine remittances reached $33-billion last year.
Other top remittance-receiving countries include India with $69 billion, followed by China ($64 billion), Mexico ($31 billion), Nigeria ($22 billion), and Egypt ($20 billion).
In terms of regional growth, Europe and Central Asia plotted the biggest growth.
The world total also hit a new record, reaching a total of $466 billion in 2017, up 8.5 percent from $429 billion during the same period in 2016.
That’s despite an increase in remittance cost.
“While remittances are growing, countries, institutions, and development agencies must continue to chip away at high costs of remitting so that families receive more of the money,” said Dilip Ratha, lead author of the report.
One suggestion to lessen cost is by “introducing more efficient technology.”
