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WB: PH may be top remittance recipient

The Philippines may become one of the top recipients of officially recorded remittances this year, according to a new World Bank brief on global migration and remittances released on Wednesday.

The latest issue of the Bank’s Migration and Development Brief said that the money sent by overseas Filipino workers (OFWs) to the Philippines may reach about $24 billion so far this year.

The Bangko Sentral ng Pilipinas recently reported that remittances from OFWs continued to increase in September, rising by 6 percent year-on-year to reach $2 billion.

Meanwhile, the report noted that the other projected top recipients of remittances are India ($70 billion), China ($66 billion), Mexico ($24 billion each), and Nigeria ($21 billion). Other large recipients include Egypt, Pakistan, Bangladesh, Vietnam and Lebanon.

The report added that remittance flows to the developing world are expected to exceed earlier estimates and total $406 billion this year, an increase of 6.5 percent over the previous year.

Remittances to developing countries are projected to grow by 7.9 percent in 2013, 10.1 percent in 2014 and 10.7 percent in 2015 to reach $534 billion in 2015.

Meanwhile, the report continued that worldwide remittances, including those to high-income countries, are expected to total $534 billion in 2012, and projected to grow to $685 billion in 2015.

However, it asserted that despite the growth in remittance flows overall to developing countries, the continuing global economic crisis is dampening remittance flows to some regions, with Europe and Central Asia and Sub-Saharan Africa especially affected, while South Asia and the Middle East and North Africa (MENA) are expected to fare much better than previously estimated.

“Although migrant workers are, to a large extent, adversely affected by the slow growth in the global economy, remittance volumes have remained remarkably resilient, providing a vital lifeline to not only poor families but a steady and reliable source of foreign currency in many poor remittances recipient countries,” said Hans Timmer, director of the World Bank’s Development Prospects Group.

Furthermore, the World Bank report also mentioned that regions and countries with large numbers of migrants in oil exporting countries continue to see robust growth in inward remittance flows, compared with those whose migrant workers are largely concentrated in the advanced economies, especially Western Europe.

Thus, South Asia, MENA and East Asia and Pacific regions, with large numbers of workers in the Gulf Cooperation Council countries, are seeing better-than-expected growth in remittances.

The report revealed that East Asia and Pacific region is estimated to attract $114 billion, an increase of 7.2 percent over 2011.

On the other hand, the World Bank concluded that it expects continued growth in remittance flows to all regions of the world, although persistent unemployment in Europe and hardening attitudes towards migrant workers in some places present serious downside risks.

 

Refer http://www.manilatimes.net/index.php/business/top-business-news/35767-wb-ph-may-be-top-remittance-recipient

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WB: PH may be top remittance recipient


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