Overseas Filipino workers (OFWs) based in the United States were the leading source of remittances received in the Philippines from January to May 2023. Remittances from the U.S. amounted to around 5.3 billion U.S. dollars. Singapore followed this with remittances amounting to 928 million U.S. dollars.
Economic contribution of remittances
Remittances, in case or kind, had been a fundamental source of income in the Philippines. In fact, in 2020, the county ranked second to India when it comes to the total personal remittances received in the Asia Pacific region. Overall, personal remittances received in the country accounted for over nine percent of its total GDP.
Demographics of OFWs
Of the 2.33 million Filipino labor migrants employed worldwide in 2023, 56 percent of them were female who usually worked as domestic cleaners or helpers in countries such as Hong Kong and Saudi Arabia. In terms of age, over 40 percent of OFWs were between 25 and 34 years old.
Leading sources of overseas Filipino (OF) remittances from January to May 2023, by country
(in million U.S. dollars)
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Department of Trade and Industry (Philippines). (July 26, 2023). Leading sources of overseas Filipino (OF) remittances from January to May 2023, by country (in million U.S. dollars) [Graph]. In Statista. Retrieved October 02, 2024, from https://www.statista.com/statistics/1242763/remittance-overseas-filipino-workers-by-country/
Department of Trade and Industry (Philippines). "Leading sources of overseas Filipino (OF) remittances from January to May 2023, by country (in million U.S. dollars)." Chart. July 26, 2023. Statista. Accessed October 02, 2024. https://www.statista.com/statistics/1242763/remittance-overseas-filipino-workers-by-country/
Department of Trade and Industry (Philippines). (2023). Leading sources of overseas Filipino (OF) remittances from January to May 2023, by country (in million U.S. dollars). Statista. Statista Inc.. Accessed: October 02, 2024. https://www.statista.com/statistics/1242763/remittance-overseas-filipino-workers-by-country/
Department of Trade and Industry (Philippines). "Leading Sources of Overseas Filipino (Of) Remittances from January to May 2023, by Country (in Million U.S. Dollars)." Statista, Statista Inc., 26 Jul 2023, https://www.statista.com/statistics/1242763/remittance-overseas-filipino-workers-by-country/
Department of Trade and Industry (Philippines), Leading sources of overseas Filipino (OF) remittances from January to May 2023, by country (in million U.S. dollars) Statista, https://www.statista.com/statistics/1242763/remittance-overseas-filipino-workers-by-country/ (last visited October 02, 2024)
Leading sources of overseas Filipino (OF) remittances from January to May 2023, by country (in million U.S. dollars) [Graph], Department of Trade and Industry (Philippines), July 26, 2023. [Online]. Available: https://www.statista.com/statistics/1242763/remittance-overseas-filipino-workers-by-country/