As the COVID-19 pandemic froze the United States economy, not all Latin American immigrants living there were affected equally.

Remittances sent to Mexico, a major support for the Mexican economy and in particular for low-income families, continued its historic 2020 run and rose in July to the third highest level on record.

Overseas remittances are expected to fall short of the target this year due to the economic crisis caused by the COVID-19 pandemic and shutdowns around the world.

The household survey will also capture remittance risks to the rural economy until the pandemic is contained.

In a rare instance of COVID-19 helping a country’ s economy, Pakistan saw a significant uptick in remittances from nationals working overseas in July.

Asia Pacific, which accounts for a third of the global migrant workforce, is likely to face remittance losses of $31.4-54.3 billion due to the coronavirus pandemic, the Asian Development Bank (ADB) said in a report.

Latest data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances coursed through banks declined by 6.4 percent to $11.55 billion from January to May compared to $12.35 billion in the same period last year.

Many expats have been sending money as part of their preparation to return home due to joblessness abroad.

Moody’s said the fall in remittances could further widen the current account deficit of the Philippines and other countries.

A global drop in remittances by migrant workers due to the coronavirus-induced recession will raise credit risk in countries most dependent on such inflows.