PHILIPPINES GARNERS $33 BILLION REMITTANCES / 3RD AMONG COUNTRIES WORLDWIDE

The World Bank revealed that the Philippines ranked 3rd among countries worldwide when it comes to remittances. Payments from immigrants back to their home countries rebounded and is also the costs of transferring funds also increased. With $33 billion remittance inflows supported the government for recovery.

World Bank therefore explained that the statistics this year is stronger-than-expected recovery in remittances—payments that are key to supporting the economies of many poor countries—was driven by growth in Europe, Russia and the United States.

The top remittance recipients were India with $69 billion, followed by China ($64 billion), the Philippines ($33 billion), Mexico ($31 billion), Nigeria ($22 billion), and Egypt ($20 billion).