According to the World Bank, remittances to the Philippines could rise by 7 percent by 2040 if measures are implemented to expand access to overseas employment opportunities, as reported by Philstar Biz. The projection underscores the potential for sustained growth in cash inflows from overseas Filipino workers (OFWs), which remain a vital pillar of the Philippine economy.
The World Bank's estimate hinges on policy reforms that would facilitate greater participation in foreign labor markets, such as streamlining recruitment processes and expanding bilateral labor agreements. Currently, remittances contribute significantly to the country's gross domestic product and support household consumption across many regions.
Achieving the 7 percent growth target would require concerted efforts from both the Philippine government and partner countries to ensure safe and accessible pathways for OFWs. The World Bank's outlook provides a benchmark for policymakers as they seek to maximize the economic benefits of international labor migration.