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.[43] In 2018, remittance had increased to $31 billion, which was nearly 10% of the GDP of the Philippines.[2] Remittances by unofficial, including illegal, channels are estimated by the Asian Bankers Association to be 30 to 40% higher than the official BSP figure.[43] In 2011, remittances were US$20.117 billion.[44] In 2012, approximately 80% of the remittances came from only 7 countries—United States, Canada, the United Kingdom, UAE, Saudi Arabia, Singapore, and Japan.[44]