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Remittances from the Gulf Cooperation Council countries constituted 15.37% of the total remittances from Filipino workers globally in January 2023, which amounted to $2.84 billion
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The remittances to Filipino workers from the Middle East totaled $456.72 billion, with 95.44% of that figure being remittances from Gulf countries.
Data from the Central Bank of the Philippines revealed that the value of remittances from Filipino workers in Kuwait declined by 1.57% in January, recording $46.35 million compared to $47.1 million in January 2023.
In January, the value of remittances from Filipino workers in Gulf Cooperation Council countries increased by 4.46% annually, reaching $435.89 million compared to $417.26 million in January 2023.
The Kingdom of Saudi Arabia continued to account for the largest share of remittances from Filipino workers in the Gulf countries, with a value of $170.8 million in January. Conversely, the lowest remittances came from the Kingdom of Bahrain, totaling $19.6 million.
Remittances from the Gulf Cooperation Council countries constituted 15.37% of the total remittances from Filipino workers globally in January 2023, which amounted to $2.84 billion. The remittances to Filipino workers from the Middle East totaled $456.72 billion, with 95.44% of that figure being remittances from Gulf countries.
It is noteworthy that remittances from Filipino workers in Gulf countries increased by 4.32% in 2023, reaching $5.59 billion compared to $5.37 billion in 2022.
The significance of these remittances lies in their role, as described by the World Bank, as a lifeline for low-income countries. They provide a stable income for millions of people in developing economies, contributing significantly to poverty alleviation and improving nutritional outcomes.
Remittances are gaining importance in the Philippines, which is one of the world’s main sources of labor. The Gulf countries receive a large portion of this labor, particularly as the region embarks on numerous major projects and hosts international events.
