Remittances and Migrants – El Sol de México

Remittances and Migrants – El Sol de México

Within the framework of the International Day of Family Remittances proclaimed by the United Nations Assembly and which is celebrated on June 16, the organization reveals its influence and strategic weight: 14% of the world’s population is born and receives resources under this method; Last year, the recorded flow of funds to low- and middle-income countries amounted to $605 billion, of which 50% went to rural areas.

Mexico is already the second recipient of remittances in the world, ahead of India ($89 billion) and above China. In 2021, the amount of foreign currency that reached our country was $51.6 billion, with a staggering 27% growth compared to 2020 when the pandemic started. Jalisco, Michoacan, and Guanajuato maintain their position as major receiving countries, which in turn register with Zacatecas, the oldest immigration to the United States in a century.

The importance of remittances in the country’s economic dynamics is impressive: they represent 4% of GDP and far exceed foreign direct investment and oil exports. The influence of immigrant women on their size is decisive.

An interesting study by the Center for Monetary Studies of Latin America (Cemla) revealed that 25% of all money sent from the United States is made by women. The relationship is reversed if it is noted that 65% of those receiving it are women. The recipients of the money sent from them are their mothers, sisters, daughters and sons.

Remittances sent by women are less than those from men; This is explained by the fact that a large part of them are engaged in low-paid activities, in addition to the inequality in wages they face; The percentage of women who study and start businesses is also higher.

The United Nations considers that 75% of remittances are spent on the urgent needs of receiving families. During the pandemic, the money received was necessary for thousands of families to survive the economic crisis due to loss of income and unemployment.

We owe so much to our immigrants that there must be a binational public policy to support them, recognize them and highlight their contributions. Specifically, consider the productive, labor, and financial inclusion of those receiving remittances here, and provide official documents in the US Consular Network for those without papers facilitating their entry to a job or educational institution there.

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