Remittances and Inclusive Economic Growth for Migrants, Families, and their Communities in the Digital Age
In 2021, Overseas Filipino Workers (OFWs) sent home $31.4 billion cash remittances as economies reopened and remittances shifted towards digital channels (Inquirer, 15 Feb 2022). This is indicative of the role of remittances in the Philippine economic recovery despite adverse impacts of the COVID-19 pandemic. This goes to show that OFWs and their efforts proved altruistic in sending money home especially during a global economic recession. The Financing Facility for Remittances (FFR) of the International Fund for Agricultural Development (IFAD) estimated that 75 percent of remittance flows goes to the immediate needs of the families of migrants.
In line with this, the University of the Philippines-Centre International de Formation des Autorités et Leaders (UP-CIFAL) Philippines in collaboration with United Nations Institute for Training and Research (UNITAR) and the Philippine Migration Research Network (PMRN) organizes the webinar Remittances and Inclusive Economic Growth for Migrants, Families and their Communities in the Digital Age. This activity highlights Goal 10 (Reduce inequalities within and among countries) and Goal 8 (Decent Work and Economic Growth).
1. Identify mechanisms in building human capital and improving living standards for migrants, their families, and their communities through the utilization of remittances.
2. Explore the challenges and opportunities for the harnessing of remittances via the shift to digital technologies for inclusive economic growth and for a sustainable future; and
3. Illustrate the importance of a multi-sectoral approach, the role of new financial technologies, and international and national regulations in supporting remittances through digital and financial inclusion in times of crisis.
1. United Nations Institute for Training and Research (UNITAR)
2. Philippine Migration Research Network (PMRN)
3. UP-CIFAL Philippines (Centre International de Formation des Autorités et Leaders)