PH is world's 3rd biggest remittance recipient in 2012 - WB

Posted at 11/21/12 8:31 PM

MANILA, Philippines - The Philippines is expected to be the third biggest recipient of remittances this year, the World Bank said.

In a report, the World Bank said the Philippines will share the third spot with Mexico. The report estimated overseas-based Filipinos will send home $24 billion in 2012.

India is expected to be the top recipient of remittances with $80 billion, followed by China with $66 billion.

The World Bank noted growth in remittances showed the euro zone crisis did not have a significant impact on the amount of money sent by migrant workers to their home countries.

"Although migrant workers are, to a large extent, are largely affected by the slow growth in the global economy, remittance volumes remain remarkably resilient, providing a vital lifeline to not only poor families but a steady and reliable source of foreign currency in many countries," Hans Timmer, director of the World Bank’s development prospects group, said.

The World Bank's estimate of $24 billion in remittances for the Philippines in 2012 is higher than the Bangko Sentral ng Pilipinas' estimate of $21.1 billion.

Last year, remittances to the Philippines stood at $20.1 billion.

The government estimates there are at least 10 million overseas Filipino workers.