MANILA, Philippines—Remittance fees kept low despite tougher times wrought by the COVID-19 pandemic allowed Filipinos abroad to send money back home, resulting in only a minimal decline in remittance flow in 2020, the World Bank said.
The Washington-based multilateral lender’s latest migration and development brief titled “Resilience: COVID-19 Crisis Through a Migration Lens” showed the Philippines in 2020 still ranked fourth among top remittance destinations, as it received $34.9-billion from overseas Filipinos, equivalent to 9.6 percent of gross domestic product (GDP).
Although 0.7-percent lower than in 2019, 2020’s actual inflows beat the World Bank’s earli…
Keep on reading: WB: Low remittance fees kept Filipinos overseas sending money home