The Philippines was one of the top five recipients of remittances last year, a report released by the World Bank said. “Defying earlier predictions of shrinking flows due to the pandemic, remittances to the Philippines fell by 0.7 percent in 2020,” the World Bank said. The report said that for all low-and middle-income countries, remittance flows remained resilient last year despite the pandemic. Officially recorded remittance flows for these countries reached $540 billion in 2020, down by 1.6 percent from the 2019 total of $548 billion. According to the World Bank, the recorded decline was significantly smaller than the -4.8 percent seen during the 2009 global financial crisis.

Source: Manila Times May 13, 2021 16:52 UTC