In 2012, the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, expects official remittances coursed through banks and agents to grow 5% over 2011 to US$21 billion, but official remittances are only a fraction of all remittances [REF].
In 2012, approximately 80% of the remittances came from only 7 countries-United States and Canada, the United Kingdom, UAE and Saudi Arabia, Singapore, and Japan [REF].