PH is 4th remittance-receiving country in the world, OFW remittances estimated at $21.3 billion
The Philippines will end the year as the world’s fourth largest remittance-receiving country, according to the World Bank’s (WB) report "Migration and Remittance Factbook 2011." GMANews.tv reports that the country comes after India ($55 billion), China ($51 billion) and Mexico ($22.6 billion).
Remittances from overseas Filipino workers is estimated to reach $21.3 billion for the entire 2010, Inquirer.net cited the WB report. From $1.3 billion in January, the remittances steadily rose to $1.6 billion in June, reports GMANews.tv. "The diversified destination of Filipino migrants contributed to steady growth (of remittances) in 2010 despite the crisis," the WB said.
In 2009, the Philippines’ total remittance was $17.3 billion. Remittances have been steadily rising since 2003, according to GMANews.tv.
GMANews.tv enumerated the other countries in the WB’s list of Top 10 remittance-receiving countries: France ($15.9 billion), Germany ($11.6 billion), Bangladesh ($11.1 billion), Belgium ($10.4 billion), Spain ($10.2 billion) and Nigeria ($10 billion).