Filipino Diaspora Power in Show as Remittances Double: Chart
Philippine one thousand-peso banknotes are arranged for a photograph in Manila, the Philippines, on Wednesday, Aug. 29, 2012. The Philippine peso fell for a second day and bonds advanced before a government report that economists predict will show economic growth slowed last quarter.
Photographer: Julian Abram Wainwright/BloombergThis article is for subscribers only.
More than half of all Southeast Asian migrants who left for work in the world’s 30 wealthiest countries came from the Philippines, according to the Asian Development Bank. And over the past decade, money sent home by Filipinos more than doubled to $26.9 billion, accounting for about 10 percent of the economy. Remittances data for April is due next week.