Annual value of outgoing and incoming remittance flow in Philippines 2021, by country
The value of remittances to the Philippines outweighed the value sent to other countries about 70 times in 2021, according to a ranking that maps the flow of such money transfers. Remittances refer to cross-border payments to family or friends and are often associated with migrant workers sending money back home to friends or relatives back in their communities of origin. It is estimated that about one in seven people worldwide are involved with remittances - substantially impacting payment behavior in, especially, Asia and Latin America. For the Philippines, the top five recipient countries for remittances in 2021 included China, Japan, the United States, India, and South Korea. The Philippines' main sources for remittances were the United States, Saudi Arabia, Canada, the United Arab Emirates, and Australia.
