Philippines 4th among world’s top remittance recipients

Published by rudy Date posted on November 10, 2010

MANILA, Philippines – The Philippines ranks as the fourth biggest recipient of remittances worldwide with an estimated $21.3-billion inflow this year, a new World Bank study showed.

The World Bank’s latest Migration and Remittances Factbook 2011 show that OFW remittances have been rising steadily from $10.24 billion in 2003 to $19.76 billion last year. Remittances accounted for 12 percent of the Philippines’ gross domestic product for 2009, the report said.

The Philippines trailed India ($55 billion), China ($51 billion) and Mexico ($22.6 billion) in terms of remittances received.

Other nations in the top 10 remittance-receiving countries are: France ($15.9 billion), Germany ($11.6 billion), Bangladesh ($11.1 billion), Belgium, ($10.4 billion), Spain ($10.2 billion) and Nigeria ($10 billion).

Overall, migrants sent a total of $325 billion to their home countries this year, up six percent from last year.

The report further noted that despite the weakening of the developed economies, the deployment of migrants increased, and along with the expansion of new markets, have helped deal with the struggling developed economies.

The report also showed that the Philippines ranked ninth in the world in emigrants, with a total of 4.3 million Filipinos out of the country. At least 51.1 percent of overseas Filipinos are female while only 13.7 percent of migrants finished college.

Mexico is the country with the greatest number of citizens working abroad with 11.9 million, followed by India with 11.4 million, the World Bank report said.

The report also showed that a total of 20,149 doctors or 17.5 percent of physicians trained in the Philippines have left the country for jobs abroad.

Top destination countries for Filipinos are the US, Saudi Arabia, Canada, Malaysia, Japan, Australia, Italy, Qatar, the United Arab Emirates and the UK.

World Bank lead economist Dilip Ratha said he expects remittances to developing countries to increase by 6.2 percent in 2011 and 8.1 percent in 2012. He, however, warned that the outlook for remittance flows could be affected by fiscal retrenchment in major destination countries in North America and Europe.

He also warned that movements in currency exchange rates and commodity prices can pose unpredictable risks for remittance flows.

“While a weaker US dollar can imply larger dollar-denominated remittances from Europe, it can also increase dollar prices of assets and goods in remittance-receiving countries such as India, Mexico and the Philippines,” he said.

Finally, he said stricter immigration controls imposed in response to high domestic unemployment rates could adversely affect migration and remittance flows.

Ratha said remittances in 2008 and 2009 became even more of a lifeline to poor countries, given the massive decline in private capital flows sparked by the crisis.

He noted that in addition to crisis-related risks, there are major structural and regulatory changes in the global remittance market. He said regulations to combat financial crime have become a roadblock to the adoption of new mobile money transfer technologies for cross-border remittances.

“There is urgent need to reassess regulations for remittances through mobile phones and mitigate the operational risks,” Ratha said.

The World Bank report also noted that the increased adoption of mobile technology for remittances have been experiencing roadblocks as nations are reviewing the process in order to curb financial crimes such as laundering. –Ted P. Torres (The Philippine Star)

July 2025

Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”

Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.

Accept National Unity Government (NUG)
of Myanmar.  Reject Military!

#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos

Time to support & empower survivors. Time to spark a global conversation. Time for #GenerationEquality to #orangetheworld!

July


3 July – International Day of Cooperatives
3 Ju
ly – International Plastic Bag Free Day
 
5 July –
World Youth Skills Day 
7 July – Global Forgiveness Day
11 July – World Population Day 
17 July – World Day for
International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons 


Monthly Observances:

Schools Safety Month

Nutrition Month
National Disaster Consciousness Month

Weekly Observances:

Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week

 

Daily Observances:

First Saturday of July:
International Cooperative Day
in the Philippines

Categories

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.