File - Labourers work near the Burj Khalifa, the tallest tower in the world, in Dubai, in this May 9, 2013 photograph. REUTERS/Ahmed Jadallah
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Money sent home from citizens working overseas as engineers, teachers, nurses, sailors and domestic helpers reached about $583 billion last year, according to the World Bank.Now, the World Bank wants migrants to put their hard-earned money to more productive use.Remittances are critical: In the Philippines, they accounted for about 10 percent of GDP in 2013 . Globally, they totaled more than double the official development assistance, or international aid last year. The money will keep coming: $610 billion in 2016 and $636 billion in 2017, according to the World Bank.
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