Philippines –world’s third largest remittance recipient
The total money sent home by overseas Philippine workers is forecast to reach 29.7 billion USD in 2015, making the country the world’s third largest recipient of remittances.
Illustrative image (Source: ibtimes.co.uk)The Philippine Star newspaper cited the bank’s Migration and Remittances Factbook 2016 in an article on December 27 that India would top the world in terms of foreign remittance receipt with 72.2 billion USD, followed by China with 63.9 billion USD.
The Central Bank of the Philippines (BSP) estimated that the remittances poured through the nation’s banking system this year would increase by 5 percent against the previous year
The money is predicted to account for 10 percent of the gross domestic product (GDP).
The WB report also said that international migrants would send 601 billion USD to their families in their home countries this year, with developing countries receiving 441 billion USD.-VNA
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