The World Bank yesterday said remittances from overseas workers will reach $24 billion this year, making the country the third top recipient of remittances among developing countries.
Dilip Ratha, manager of the Bank’s Migration and Remittances Unit and lead author of the Migration and Development Brief, said that migrant workers are displaying tremendous resilience in the face of the continuing economic crisis in advanced economies.
It is given that despite growth in remittance flows, the global economic crisis is dampening remittance flows to some regions.
Europe and Central Asia and Sub-Saharan Africa are especially affected, while South Asia including the Philippines and the Middle East and North Africa are expected to fare much better than previously expected.
“Regions and countries with large numbers of migrants in oil-exporting countries continue to see robust growth in inward remittance flows, compared with those whose migrant workers are largely concentrated in the advanced economies, especially Western Europe,” the report said.
“Their agility in finding alternate employment and cutting down on personal expenses has prevented large scale return to their home countries,” Ratha said.
“Persistent unemployment in Europe and hardening attitudes towards migrant workers in some places present serious downside risks,” the report said.
WB said that officially recorded remittance flows to developing countries are estimated to reach $406 billion this year, 6.5 percent higher than the registered remittances in 2011.
The Washington-based agency said that India is expected to be the top recipient of migrant remittances among developing countries for the year with $70 billion, followed by China with $66 billion.
The Philippines ranked third, tied with Mexico, with remittance inflows estimated at $24 billion per country.
Fifth in ranking is Nigeria with $21 billion, followed by Egypt with $18 billion. Tied in seventh place are Pakistan and Bangladesh with $14 billion each.
Vietnam is expected to receive $9 billion by year-end, while Lebanon takes the 10th spot with $7 billion.
The World Bank said that the estimate of remittance flows for the current year is based on available monthly and quarterly data released by central banks and the IMF Balance of Payments.
According to data from the Bangko Sentral ng Pilipinas, as of end-September, remittances from overseas Filipinos totaled $15.6 billion, 5.5 percent higher than its level a year ago.
Remittances of OFWs coursed through banks also hit its highest monthly level so far this year in September, amounting to $1.8 billion, a 5.9 percent increase over the previous year.
“Although migrant workers are, to a large extent, adversely affected by the slow growth in the global economy, remittance volumes have remained remarkably resilient, providing a vital lifeline to not only poor families but a steady and reliable source of foreign currency in many poor remittances recipient countries,” Hans Timmer, director of the bank’s Development Prospects Group, said.
The World Bank further said that remittances to developing countries are projected to grow by 7.9 percent in 2013 ($438 billion), 10.1 percent in 2014($482 billion), and 10.7 percent in 2015 ($534 billion).
Worldwide remittances, on the other hand, are expected to reach $534 billion by the end of 2012, a 3.9 percent growth from last year.
This is expected to further grow by 6.9 percent next year ($570 billion), 9.3 percent in 2014 ($623 billion), and 9.9 percent in 2015 ($685 billion). –ANGELA CELIS, Malaya
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