According to statistics based on data issued by the Central Bank of the Philippines, remittances of Filipino workers from the Gulf Cooperation Council countries increased slightly during 2021 by 0.67 percent to reach $5.148 billion, compared to $5.114 billion in the previous year.
Al-Rai has learned three Gulf countries witnessed an increase in the value of Filipino workers’ remittances, led by the UAE by 2.56%, (remittances were to $1.32 billion last year) followed by Saudi Arabia, with an increase of 1.31 percent, with remittances amounting to $1.835 billion and Qatar, which saw a growth in remittances of 1.11 percent to $829.48 million.
Remittances from 3 other Gulf countries were led by the Sultanate of Oman, decreased by 6.32 percent (about $361.67 million) followed by Bahrain, down by 1.16 percent to reach $225.89 million, and lastly Kuwait 576.06 million dollars in 2021
The rise in remittances comes with the Gulf economy gradually recovering from the repercussions of the Coronavirus, as governments succeeded in the past year in returning to their capital projects and hosting many events that required the presence of expatriate workers, after approving many of the anti-virus vaccines.
According to the data of the Central Bank of the Philippines, the transfers of expatriate workers from the Gulf countries accounted for 16.39 percent of the total Philippine currency transfers from various countries of the world, amounting to 31.42 billion dollars in 2021.
The value of Filipino workers’ remittances from Asian countries was 7.03 billion dollars; its remittances from the Gulf countries represent 73.26 percent of the continent’s total remittances.
The Gulf countries account for the largest share of remittances abroad globally, after the United States.
Read Today's News TODAY... on our Telegram Channel click here to join and receive all the latest updates t.me/thetimeskuwait
