Philippines lands 4th in remittances (OFW) in 2008

The Philippines placed 4th in Worldbank’s world’s top recipients of remittances list, thanks to the $16.43 billion that overseas Filipino workers (OFWs) sent home in 2008.

Rounding up the top 10 are: India ($45 billion), China ($34 billion), Mexico ($26 billion), landing in fifth place is Poland with $11 billion, Nigeria ($10 billion), Egypt ($9.5 billion), Romania ($9 billion), Bangladesh ($9 million), and Pakistan ($7 billion).

The pace of remittance growth is an indicator of consumer spending, the fate of the country’s currency, and other hints of upcoming economic data.