Tuesday, January 03, 2006

.:Mindanews -- 3 January 2006:.

.:Mindanews -- 3 January 2006:.: "iaspora philanthropy: the other face of the OFW phenomenon
By Leila Rispens-Noel /MindaNews / 02 January 2006

GOUDA, The Netherlands -- Migrants sent home through official channel a total amount of $160 billion in 2004, exceeding development aid from all sources by 50 percent. Another 50% of the total remittances is estimated to be have been sent through informal channels. These figures come from the recently-released Global Economic Prospect 2006 Report of the Washington-based World Bank.

Remittances are the money that foreign-born workers send to their relatives and/or communities abroad. The countries receiving the most in recorded remittances in 2004 were India ($21.7 billion), China ($21.3 billion), Mexico ($18.1 billion), France ($12.7 billion), and the Philippines ($11.6 billion)."

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