TAIPEI (Taiwan News) — Filipinos have sent around US$507 million (NT$16.21 billion) in remittances to the Philippines from Taiwan in the first seven months of 2023.
The Philippines central bank said total remittances paid by overseas Philippines citizens into the country went up by 2.9% to US$18.78 billion compared to the same period in 2022, per Philstar Global. Of that total, 2.7% came from Taiwan.
Remittances to the Philippines also hit a year-high in July, which China Bank chief economist Domini Velasquez said was driven by overseas workers sending more money home as inflation grew in the Philippines. “Overseas workers generally send more money when home conditions deteriorate,” she said.
Rizal Commercial Banking Corp. chief economist Michael Ricafort also said the July high was likely driven by rising prices in the country. Ricafort added that overseas workers are sending more home as the Philippines prepares to start a new school year, and tuition payments are due.
The most remittances came from the U.S. with 41.3%, followed by Singapore’s 6.9%, and Saudi Arabia’s 5.9%. The level of remittances from Taiwan was roughly equal to that of Korea and Qatar.
Government statistics show roughly 730,000 migrant workers applied to come to Taiwan in 2022. Of those, about 155,000 were from the Philippines and mostly worked in industrial or manufacturing roles.
