Remittances to the Philippines & their Impact

Recently, the Immigration Policy Center released their report, Many Happy Returns: Remittances and Their Impact by Kristin Johnson, Ph.D. which analyzes remittances and their effect on the economies of both the U.S. and receiving countries.  Remittance is the transfer of money by workers back to home countries.  This can constitute one of the top financial inflows to many developing countries, in some cases exceeding international aid like what we have seen in the wake of Haiti’s overwhelming humanitarian crisis. According to Immigration Policy Center’s report, Philippines and Mexico are the two top receiving countries from the U.S. and are also large consumers of U.S. goods. Some view remittance as a loss to the U.S. economy but the latest IPC report shows that remittances are actually used to buy goods from U.S. companies, showing that remittances actually benefit both the sending and receiving countries. Read IPC’s full report here.

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