The Philippines’ migrant remittance inflows amounted to $40 billion in 2023, the fourth largest after India, Mexico, and China, based on latest estimates from the Global Knowledge Partnership on Migration and Development (KNOMAD). This translated to 9.2% of the Philippine gross domestic product (GDP), relatively small compared with those economies receiving smaller amounts but are more reliant on remittances as their source of income.
Philippines continues to be one of the top remittance recipients in 2023
Philippines Pandemic
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