BusinessWorld Online, November 19, 2010
REMITTANCES from overseas Filipino workers (OFWs) are expected to hit $21.3 billion this year, the World Bank said, placing the Philippines among the world’s top five recipient nations.
India is expected to top the 2010 list at $55 billion, followed by China ($51 billion), Mexico ($22.6 billion), the Philippines, and France ($15.9 billion).
Rounding out the top ten are Germany ($11.6 billion), Bangladesh ($11.1 billion), Belgium ($10.4 billion), Spain ($10.2 billion) and Nigeria ($10 billion).
OFW remittances totalled $19.77 billion last year. The tally as of August 2010 was $12.18 billion, latest central bank data show.
Globally, inward remittance flows from all developing countries are estimated to hit $440.1 billion, 5.79% higher than last year’s $416 billion, the World Bank said in its Outlook for Migration and Remittance Flows Factbook 2011.
"Officially recorded remittance flows to developing countries are estimated to increase by 6% to $325 billion in 2010. This marks a healthy recovery from a 5.5% decline registered in 2009," it said.
"Remittance flows are expected to increase by 6.2% in 2011 and 8.1% in 2012, to reach $374 billion by 2012."
It added, however, that final results remained subject to the risks of a fragile global economic recovery, volatile currency and commodity price movements, and rising anti-immigration sentiment in many destination countries.
"From a medium-term view, three major trends are apparent: (a) a high level of unemployment in the migrant-receiving countries has prompted restrictions on new immigration; (b) the application of mobile phone technology for domestic remittances has failed to spread to cross-border remittances; and (c) developing countries are becoming more aware of the potential for leveraging remittances and diaspora wealth for raising development finance," the World Bank said.
The Philippines was ranked 10th in a list of top emigration countries which also included Mexico, India, Russia, China, Ukraine, Bangladesh, Pakistan, the United Kingdom and Turkey.
It also ranked 10th in the top migration corridors with emigrants going to the United States.
As of this year the Philippines had a total of 4.28 million emigrants, accounting for 4.6% of its population. Top destinations were the US, Saudi Arabia, Canada, Malaysia, Japan, Australia, Italy, Qatar, the United Arab Emirates and the UK. -- Jo Javan A. Cerda
Source: BusinessWorld
