Overseas Filipinos to Remit $21.3 Bil. in 2010

Overseas Filipino Workers (OFW) will remit $21.3 bil. this year, making the Philippines the world’s fourth biggest recipient of remittances, according to the World Bank’s Migration and Remittances Factbook 2011.

OFW remittances have grown from $10.24 billion in 2003 to $19.76 billion last year. For 2009 remittances contributed 12% of the Philippines’ GDP. Topping the list is India with $55 billion, China with $51 billion and Mexico with $22.6 billion. Trailing the Philippines are France ($15.9 billion), Germany ($11.6 billion), Bangladesh ($11.1 billion), Belgium, ($10.4 billion), Spain ($10.2 billion) and Nigeria ($10 billion).

The Philippines ranks ninth in emigrants with 4.3 million. Just over half of OFWs are female and 13.7% finished college. Filipino emigrants include 20,149 doctors representing 17.5% of physicians trained in the Philippines. Top destination countries OFWs are the US, Saudi Arabia, Canada, Malaysia, Japan, Australia, Italy, Qatar, the United Arab Emirates and the UK.

Worldwide, migrants sent a total of $325 billion to their home countries this year, up six percent from last year. Mexico had the most citizens working abroad with 11.9 million, followed by India with 11.4 million.

The current recession has actually spurred migration of workers despite the slowdowns in host nations. Remittances to developing nations are expected to increase by 6.2% in 2011 and 8.1% in 2012.

MANILA, Philippines