World Bank ranks Philippines as 4th in remittances worldwide!
April 11, 2009
The Philippines placed 4th in Worldbank’s world’s top recipients of remittances list, thanks to the $16.43 billion that overseas Filipino workers (OFWs) sent home in 2008.
Rounding up the top 10 are:
- India ($45 billion),
- China ($34 billion),
- Mexico ($26 billion),
- Philippines ($16.43 billion)
- Poland ($11 billion),
- Nigeria ($10 billion),
- Egypt ($9.5 billion),
- Romania ($9 billion),
- Bangladesh ($9 million),
- Pakistan ($7 billion).
The pace of remittance growth is an indicator of consumer spending, the fate of the country’s currency, and other hints of upcoming economic data.
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