When Philippines retailing tycoon Henry Sy picks a location for a new shopping mall, one of the first things he does is figure out where the families of overseas Filipino workers are buying homes. The strategy has not failed the country’s richest man, whose SM Prime Holdings runs 28 shopping malls throughout the country.

The unprecedented number of Filipinos working or living overseas – there are 8m or about a tenth of the population – has done wonders not just for Mr Sy but for the entire Philippine economy.