5 Countries That Receive the Most International Remittances

4. Philippines

Remittance Inflows as a Share of GDP: 8.04%

The Filipino diaspora is widespread, with significant communities in the United States, Saudi Arabia, and the United Arab Emirates. Notably, the Philippines experienced a substantial downturn recently. In 2021, remittances accounted for 9.3% of the country’s GDP, highlighting the significant contribution of overseas Filipino workers (OFWs). However, in a stark reversal, remittance inflows plummeted to just 2.2% of the GDP in 2022. The drastic reduction has highlighted the vulnerability of relying heavily on remittances. Global economic uncertainty, spurred by ongoing geopolitical tensions and shifts in employment opportunities abroad, has likely played a role in this downturn.