By: Michelle V. Remo
Philippine Daily Inquirer
11:54 pm | Thursday, December 1st, 2011
The World Bank expects remittances to the Philippines to reach $23
billion this year on account of rising demand for Filipino workers
despite the unfavorable economic climate abroad.
The institution's forecast is higher than the Philippine government's
own estimate of $20.1 billion, which represents a 7-percent growth from
the $18.8 billion reported last year.
Also, World Bank said the Philippines would likely remain the fourth l
argest recipient of remittances after India (expected to receive $58
billion), China (seen with $57 billion), and Mexico (with $24 billion).
For all developing countries, remittances are expected to hit a total
amount of $351 billion, representing an 8-percent increase from last
year's $323 billion.
This year may be the first time when remittances to developing countries
will grow since the global financial crisis of 2008, World Bank said.
The Philippines has proved to be an exception as it continues to
experience rising remittances even at the height of the global turmoil
in 2009.
"Despite the global economic crisis that has impacted on private capital
flows, remittance flows to developing countries have remained
resilient," said Han Timmer, World Bank director for development
prospects group.
World Bank also said remittances to developing countries would continue
to grow through 2014 buoyed by prospects of the global economy's modest
growth.
Remittances are a closely watched economic indicator. For the
Philippines, remittances from about 10 million overseas workers
significantly fuel consumption of Filipino households that, in turn,
drives growth of the domestic economy.
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