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Zetland Financial Reports Asian Migrants Lead Record Global Remittances

Asians working abroad and sending money to their home countries were largely responsible for a record high global remittances total, according to a report on Zetland Financial Group's website.

Last month, the Migration and Remittances Fact Book 2008 published by the World Bank released its annual report on all migration and remittances for all countries, regions, and income groups of the world. The data was compiled from various sources in 2007.

The report shows that migrants from developing countries sent home in excess of US$240 billion dollars, more than double the money remitted in 2002 and 19 billion more than in 2006.

Remittances are the largest source of external financing in many developing countries.

"Recorded remittances are more than twice as large as official aid and nearly two-thirds of foreign direct investment flows to developing countries," the World Bank report says.

The total was recorded through official transfer methods, but remittances made through informal channels are much higher, it said.

Chinese were the largest contributors with US$25.7 billion, followed by Indians with US$27 billion. Filipinos ranked fourth behind Mexico with US$17 billion.

As migrant remittances have ballooned in size, they have caught the attention of high-level policymakers. For 2007, recorded remittances flows worldwide are estimated at US$318 billion.

"In many developing countries, remittances provide a life line for the poor," said Dilip Ratha, senior economist and author of the bank's factbook with Zhimei Xu. "They are often an essential source of foreign exchange and a stabilizing force for the economy in turbulent times."

In the Philippines, the Congressional Planning and Budget Office, the economic research office of the House of Representatives, urged the government to make the economy less dependent on foreign exchange remittances from overseas Filipino workers.

"While overseas foreign workers have significant contributions to the economy, the government should not become over-dependent on their remittances to boost growth," CPBO said.

Hong Kong-based Zetland Financial Group provides an array of detailed financial analyses on its website each month. Since 1987, Zetland's professional consultants have tackled a range of business issues - from investment opportunities to jurisdictional changes in legal, tax and accounting matters - for clients around the globe.

For more information visit http://www.zetland.biz.

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