Senate Bill #1158 – Immigration and Remittances: What’s to come?

In a typical year, more than 270 million immigrants living and working abroad send cash transfers, known as remittances, to their home countries. In 2019, two-thirds of all international migrants lived in just 20 countries, with the United States holding the most at 51 million (about 19% of the world’s total). (United Nations).

As of 2020, despite the lockdowns that have devastated economies and led unemployment rates to skyrocket, remittances have generally held up. In some cases, they’ve been higher than usual, based on the latest available data. Remittances to Mexico and Pakistan experienced record increases, while those to Vietnam and the Philippines have held steady. 

Why are remittances important?

Remittances are an important aspect of the economy. In 2019, immigrants sent home a record US$554 billion. According to the Inter-American Development Bank