The Philippines Ranks 4th Top Receiver of Migrant Remittance in 2007, says World Bank

by Elizer Penaranda Mon Mar 24, 2008 12:02 am

The Philippines Ranks 4th Top Receiver of Migrant Remittances in 2007

By Elizer Penaranda

Washington, DC, Mar. 19- The Philippines ranked fourth in the top list of highest migrant remittances in 2007 with $17 billion as announced by the World Bank.

2008 New migration and Remittances Factbook shows that India tops the list with $27 billion, followed by China with 25.7 billion, Mexico with $25 billion, and France with 12.5 billion.

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

Senior economist and co-author of the �Migration and Remittances Factbook in 2008� Dilip Ratha said that in many developing countries, remittances provide a lifeline for the poor.

�They are often an essential force of foreign exchange and a stabilizing force for the economy in turbulent times,� he added.