Filipinos still 3rd largest remitters in the world - WB

MANILA, Philippines - The 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 Washington-headquartered lender said the top four recipients of migrant remittances in 2007 were India ($27 billion), Mexico ($25 billion), the Philippines ($17 billion); and France ($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 low-income countries, India had the highest immigration volume (5.7 million), followed by Pakistan (3.3 million).

The report provides snapshots of statistics on migration, recorded remittance flows, and skilled emigration for 194 countries and 13 regional and income groups.

For 2007, recorded remittances flows worldwide are estimated at $318 billion, of which $240 billion went to developing 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 Ratha, 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 turbulent 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. - Cheryl Arcibal, GMANews.TV

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