Remittances from migrant workers continue to rise

Remittances to the country rose for the third straight month in November and are expected to sustain recovery this year to power consumption.

Economists at the Asian Development Bank attributed the recovery in remittances to the reopening of economies hosting Asian migrants, allowing many to return to their jobs.

Deployment of workers from their home countries also resumed in the second semester last year. These included health workers from the Philippines as well as domestic workers.

Remittance flows also continued to be countercyclical in nature as migrants sent more to their families back home amid the crisis.

A survey by WorldRemit found that 84 percent of over 3,000 overseas Filipinos from the United Kingdom, the United States, Canada and Australia planned to send the same amount or more money during the holidays.

Greater use of digital channels also allowed migrants to remit even during lockdowns.

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