OFWs remit US$21.3B
OFWs remit US$21.3B
RP ranks 4th worldwide
MANILA, Philippines – The Philippines has received $21.3 billion in remittances this year, making it 4th worldwide in the top recipient countries of overseas remittances for 2010, the World Bank’s latest Migration and Remittances report released on Tuesday said.
The World Bank’s latest Migration and Remittances Factbook 2011 showed that OFW remittances have been rising steadily from $10.24 billion in 2003 to $19.76 billion last year. Remittances accounted for 12% 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.
Comments (0)