WB: PHL is 4th largest remittance-receiving country

The Philippines will close 2010 as the world’s fourth largest remittance-receiving country after India, China, and Mexico, the World Bank said in a report Tuesday. The bank’s “Migration and Remittance Factbook 2011" showed a steady rise in remittances of overseas Filipino workers (OFWs) from $1.3 billion in January to $1.6 billion in June, which the Washington-based multilateral lender sees culminating into a record $21.3 billion by the end of December 2010. The 2010 figures will reflect an 8 percent increase from $19.7 billion last year. Overseas remittances have also been steadily increasing since 2003, when the Philippines received $10.24 billion, according to the bank. It noted that money transfers to developing countries, including the Philippines, will grow 6 percent to a record $325 billion this year from 2009. Money transfers to developing countries will increase by 6.2 percent next year and by 8.1 percent in 2012, the bank added. India is the world’s top remittance-receiving country this year, with an estimated $55 billion, followed by China ($51 billion) and Mexico ($22.6 billion). Other countries in the bank’s list of Top 10 remittance-receiving nations include France ($15.9 billion), Germany ($11.6 billion), Bangladesh ($11.1 billion), Belgium ($10.4 billion), Spain ($10.2 billion), and Nigeria ($10 billion). — VS, GMANews.TV