Remittances, Worker Deployment Expected to Be Back to Pre-Pandemic Levels

Inbound remittances to developing Asian countries from the income of overseas workers are expected to continue its growth, while the deployment of overseas workers to other countries is also expected to return to its pre-pandemic levels as economic activities continue to recover, according to the Asian Development Bank (ADB).

This comes as both remittances and the deployment of migrant workers have been heavily disrupted amid the COVID-19 pandemic for two years, starting in the second quarter of 2020 when global lockdowns started and economic activities around the world were put to a near complete halt.

In the ADB report titled “COVID-19 and the Deployment of Labor Migrants from Asia: Lessons Learned and Ways Forward,” the ADB said that remittances from Asian developing countries are proving to be resilient as the pandemic continues.

According to ADB, aggregate remittance inflows to Asia have exceeded the 2019 numbers and still have room to grow.

“In 2021, the aggregate remittance inflows to the region increased by 2.6 percent, exceeding the 2019 level with prospect for another growth streak in 2022,” ADB said.

Monthly remittances to the Philippines have also seen a steady growth as year-on-year numbers continue to rise.

Remittances sent by overseas Filipino workers to their respective families reached a total of over USD3 billion in August, which increased by 4.4 percent compared to the August of last year, where remittances totaled to just USD2.8 billion.

Meanwhile, an ADB survey conducted with government officials from nine nations which rely heavily on the deployment of migrant workers says that the deployment of overseas workers may equal or even exceed pre-pandemic numbers.

The survey included the Philippines.

According to ADB, the survey respondents cited better access to vaccines, the easing of quarantine protocols globally, and testing for COVID-19 as factors for the increased interest to go back to foreign nations to work. (GFB)