Filipinos workers sent an estimated US$2.3 billion from Canada to the Philippines last year, according to figures released by the Asian country’s central bank.
Bangko Sentral ng Pilipinas(BSP) has recorded $25.2B in overseas Filipino (OF) remittances in 2013, out of which approximately nine percent came from Canada.
BSP does not provide a breakdown between money sent back by Temporary foreign workers and Filipinos who have migrated abroad but have families in the Philippines.
The Philippines is the number one source country for temporary foreign workers in Canada, accounting 14% of the 338,000 TFWs in 2012, according to Citizenship and Immigration Canada (CIC) statistics. The 2011 National Household Survey found that there were 454,340 Filipino immigrants in Canada, approximately 1.5% of the total population.
The exact amount sent out from Canada is hard to estimate as there is no Canadian agency tracking remittances, but the World Bank put the figure at US$23.4 billion in 2012, or 1.3% of the nation’s GDP for the year.
This makes Canada the highest remitter in per capita terms at $668.57, with the United Kingdom coming in at a distant second at $366.46, and the US at $328.68.