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Economy

Philippines 'modern-day heroes' sent record remittances last year

Virus variants, supply chain disruption, and U.S. tightening pose risk to growth

Philippine peso bills sent by a Filipino working abroad are pictured being received by a relative at a money remittance center in Makati City, Metro Manila, on Sept. 19, 2018.    © Reuters

MANILA -- Filipinos working overseas sent home a record $31.4 billion cash remittances last year, providing strong backing to the Philippines' economic recovery from the pandemic.

The figures, released by the Philippine central bank on Tuesday, represent a 5.1% growth from $29.9 billion in 2020, when inflows contracted slightly as COVID-19 ravaged economies, halted new worker deployments, and forced hundreds of thousands to return home.

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