Philippines continues to be one of the top remittance recipients in 2023
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.
