Saturday, 24 November 2012

Philippines Set to Edge Mexico for Remittance-Olympics Bronze


Eric Bellman
Wall Street Journal
http://blogs.wsj.com/searealtime/2012/11/22/philippines-set-to-edge-mexico-for-remittance-olympics-bronze/?mod=WSJBlog&mod=WSJ_SEA_Blog

The Philippines’ globetrotting dream team of more than 8 million overseas workers is set to surpass team Mexico in the amount of money sent home—which would be the first time in 17 years.

The World Bank projects official remittances to the Philippines at just over $24 billion this year. That gives it a third-place bronze medal behind China and India, each projected to receive more than $65 billion, and just ahead of Mexico, whose migrant workers are projected to send home a bit under $24 billion.

Like its boxing sensation Manny Pacquiao, the Philippines punches way above its weight class. Its migrant workers remit close to 40% of what Indian and Chinese workers do, even though its population is less than 8%  of those Asian titans’.

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