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The COVID-19 pandemic, remittances and financial inclusion in the Philippines

Author

Listed:
  • Eiji Yamada

    (Japan International Cooperation Agency)

  • Satoshi Shimizutani

    (Japan International Cooperation Agency)

  • Enerelt Murakami

    (Japan International Cooperation Agency)

Abstract

Recent literature has revealed that financial inclusion enhances economic opportunities and security in developing countries. Moreover, a greater inflow of remittances can promote inclusiveness. In this paper, we explore the potential impacts of the COVID-19 outbreak on financial inclusion by focusing on its detrimental effect on remittance flows to developing countries. Using a household-level dataset collected in rural regions of the Philippines prior to the outbreak, we confirm that remittances are associated with financial inclusion, particularly for women. We discuss the potential impacts of the pandemic on financial inclusion through the change in the flow of remittances. We show that a substantial decline in remittances caused by the COVID-19 crisis may have an adverse effect on financial inclusion in the Philippines.

Suggested Citation

  • Eiji Yamada & Satoshi Shimizutani & Enerelt Murakami, 2020. "The COVID-19 pandemic, remittances and financial inclusion in the Philippines," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 57(1), pages 18-41, June.
    • Handle: RePEc:phs:prejrn:v:57:y:2020:i:1:p:18-41
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    File URL: https://pre.econ.upd.edu.ph/index.php/pre/article/view/992/890
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    More about this item

    Keywords

    financial inclusion; SDGs; COVID-19; remittance; migration; Philippines;
    All these keywords.

    JEL classification:

    • F22 - International Economics - - International Factor Movements and International Business - - - International Migration
    • F24 - International Economics - - International Factor Movements and International Business - - - Remittances
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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