World Bank Forecasts Philippine Remittances to Drop 13% in 2020

The World Bank predicts remittances to the Philippines will fall about 13% this year, Dilip Ratha, senior financial economist in Washington, said in an e-mailed reply to questions.

Global job losses from the coronavirus pandemic are upending the $690 billion annual flow in remittances, an essential support for many developing nations. Money sent home by Filipinos working abroad reached a record $30.1 billion last year, equal to about 10% of the country’s gross domestic product.