Filipino remittances from Kuwait dip by 2.15% to reach $317 million
Filipino labor remittances from GCC countries accounted for 16.55% of total remittances from all countries in the first seven months of 2024, amounting to $19.33 billion.
• Saudi Arabia captured the largest share of remittances, amounting to $1.17 billion in the first seven months of 2024, with an annual growth of 4.39%.
• The value of Filipino labor remittances from GCC countries during the first seven months of 2024, rise by 4% annually to about $3.2 billion.
• The World Bank had predicted that remittances to low- and middle-income countries would grow by up to 2.3% in 2024, although this growth is expected to vary across regions.
Official data from the Central Bank of the Philippines showed that remittances from Philippine workers in Kuwait fell by 2.15% to $317.07 million in the first seven months of this year, down from $324.03 million during the same period in 2023, as reported by Al Anbanewspaper.
The data showed an increase in the value of Filipino labor remittances from GCC countries during the first seven months of 2024, rising by 4% annually to about $3.2 billion, compared to $3.08 billion in the same period in 2023.
Saudi Arabia continued to capture the largest share of remittances, amounting to $1.17 billion in the first seven months of this year, with an annual growth of 4.39%, compared to $1.11 billion in the same period last year. Meanwhile, the lowest Gulf remittances came from Bahrain, totaling $158.8 million, an annual increase of 3.6% from $153.2 million in the same period in 2023.
According to statistics, Filipino labor remittances from GCC countries accounted for 16.55% of total remittances from all countries in the first seven months of 2024, amounting to $19.33 billion.
Additionally, Filipino labor remittances from the Gulf represented 41.7% of total remittances compared to the $7.67 billion sent from the Asian continent in the same period of 2024.
The value of remittances from the Middle East amounted to $3.32 billion, with 96.22% coming from Gulf countries. The World Bank had predicted that remittances to low- and middle-income countries would grow by up to 2.3% in 2024, although this growth is expected to vary across regions.
