- The Philippines had the highest remittance-to-GDP ratio among the 40 biggest global economies in 2024, highlighting the significant role money sent home by overseas Filipinos plays in the local economy.
- Personal remittances received accounted for 8.73% of Philippine GDP , ahead of Egypt at 7.60% and Bangladesh at 6.11%.
- Mexico ranked fourth at 3.64%, followed by India at 3.52%, Vietnam at 3.36%, Colombia at 2.83%, Belgium at 2.31%, and Thailand at 1.80%.
The Philippines had the highest remittance-to-GDP ratio among the 40 biggest global economies in 2024, highlighting the significant role money sent home by overseas Filipinos plays in the local economy.
Personal remittances received accounted for 8.73% of Philippine GDP, ahead of Egypt at 7.60% and Bangladesh at 6.11%.
Mexico ranked fourth at 3.64%, followed by India at 3.52%, Vietnam at 3.36%, Colombia at 2.83%, Belgium at 2.31%, and Thailand at 1.80%.
The figures come from World Bank data covering 194 economies. Across all economies in the dataset, personal remittances received averaged just 0.82% of GDP.
Remittances are money sent by migrants and overseas workers to people or households in their home countries. These funds can support everyday expenses, education, housing, healthcare, and other household needs.
The relatively high share in the Philippines reflects the country's long-standing reliance on overseas employment, with millions of Filipinos working abroad and regularly sending money home.
A high remittance share can provide an important source of household income, but it can also expose economies to changes in overseas employment, migration policies, economic conditions in host countries, and the cost of sending money.
The data also illustrates why looking only at the total amount of remittances can tell a different story. India and Mexico receive some of the world's largest remittance inflows in absolute terms, but their larger economies mean those inflows represent a smaller share of GDP compared with the Philippines.