Background on Marco Antonio Del Prete Tercero
Marco Antonio Del Prete Tercero serves as the Secretary of Sustainable Development (Sedesu) in Querétaro, Mexico. His role involves overseeing policies and initiatives aimed at fostering sustainable growth in the region. Given his position, Del Prete Tercero’s opinions on remittances and their impact on the local economy carry significant weight.
Concerns Over Proposed US Remittance Tax
The article discusses a proposed 5% tax on remittances by US legislators, which has raised concerns in Querétaro. Del Prete Tercero explains that remittances are a crucial income source for many families in the region, sometimes even surpassing earnings from certain industries.
Impact of the Proposed Tax
Del Prete Tercero anticipates that if the tax is implemented, migrants will find alternative ways to send funds to their hometowns. However, he also predicts a potential decrease in remittance indicators.
“If it goes through, I’m not saying it will happen, money will still find a way to be sent, perhaps through different channels, because it’s the livelihood of many people, not just the individual working abroad. The tax might discourage migration, but remittances will likely continue, albeit with increased costs and possibly reduced amounts,” he commented.
Remittances Exceed FDI in Querétaro
In 2024, Querétaro received $1,276.8 million in remittances, surpassing 21% of the $1,055.1 million in Foreign Direct Investment (FDI) the state attracted, according to data from Banco de México (Banxico) and the Secretaría de Economía (SE).
- In 2024, Querétaro received $221.6 million more in remittances than FDI.
- During the first quarter of 2025, Querétaro accumulated $278.6 million in remittances, reflecting a 5.5% annual growth rate, as reported by the central bank.
- These remittances accounted for 2% of the total remittances entering Mexico, placing Querétaro 17th among the 32 federal entities.
In the first quarter of 2025, Querétaro’s capital received 34.4% of the remittances, followed by San Juan del Río (13.1%) and Cadereyta de Montes (9.8%).
Key Questions and Answers
- What are remittances? Remittances are funds sent by migrants working abroad to their families and communities in their home countries.
- Why are remittances significant for Querétaro? In 2024, remittances surpassed FDI in Querétaro, making them a crucial source of income for many families and industries in the region.
- What is the proposed tax on remittances in the US? Some US legislators have proposed a 5% tax on remittances sent by migrants to their home countries.
- How might the proposed tax impact Querétaro? Secretary Del Prete Tercero anticipates that migrants may find alternative ways to send funds if the tax is implemented, potentially leading to reduced remittance indicators.
