Filipino still world's 3rd largest remitters - WB
Written by Ms. Confuse on Thursday, April 10, 2008The Philippines remains the third largest recipient of remittances in the world, next to India and Mexico, according to a World Bank report. In its latest Migration and Remittances Factbook 2008, the Washinton-based lender said the top four recipients of migrant remittances in 2007 were India ($27 billion), Mexico ($25 billion), Philippines (17 billion); and Frances ($12.5 billion).
"The united States was also the top immigration country in 2005, with 38.4 million immigrants, followed by Russian Federation (12.1 million), and Germany (10.1 million)," the World Bank said.
Among lowincome countries, India had the highest immigration volume (5.7 million), followed by Pakistan (3.3 million). The report provides snapshots of statistic on immigration, recorded remittance flows, and skilled emigration for 194 countries and 13 regional and income groups.
For 2007, recorded remittances flows worldwide are estimated at $318billion, of which $240billion went to development countries. These flows do not include informal channels, which would significantly enlarge the volume of remittances if they were recorded.
"In many developing countries, remittances provide a life line for the poor" said Dilip rathe, senior economist, and author of the factbook with zhimei Xu. They are often an essential source of foreign exchange and a stabilizing force for the economy in tribulent times."
Rich countries are the main source of remittances. The United States is by far the largest, with $42 billion in recorded outward flows in 2006. Saudi Arabia ranks as the second largest, followed by Switzerland and Germany
| Posted in »
0 comments: Responses to “ Filipino still world's 3rd largest remitters - WB ”