Filipino Remittances Drop in Kuwait, Rise Across Gulf
Manila, Philippines: Filipino workers sending money home from the Gulf region saw mixed results in the first quarter of 2024. While remittances rose across most Gulf countries, data from the Central Bank of the Philippines reveals a surprising dip in Kuwait.
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Kuwait Sees Decline, But Region Experiences Growth
Overall remittances from Filipino workers in the Gulf increased by 3.63% compared to the first quarter of 2023, reaching $1.34 billion. This positive trend was driven by growth in five Gulf nations, with Qatar leading the way at 5.09%. However, Kuwait bucked the trend with a 2.10% decrease in remittances sent home.
Saudi Arabia Remains Top Destination, Bahrain Lowest
Despite the decline in Kuwait, Saudi Arabia continues to be the top recipient of Filipino worker remittances in the Gulf, with $485.47 million received in the first quarter. Meanwhile, Bahrain recorded the lowest remittance amount at $61.52 million.
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Gulf Countries Remain Significant Source of Remittances
Filipino workers in the Gulf play a crucial role in the Philippine economy. In the first quarter of 2024, remittances from these countries accounted for a significant portion of the global total:
- 16.37% of all Filipino worker remittances worldwide.
- 40.47% of remittances sent from Asia.
- 95.24% of remittances from the Middle East.
2023 Saw Overall Increase in Gulf Remittances
Looking at the bigger picture, Filipino worker remittances from Gulf countries grew by 4.32% in all of 2023 compared to 2022, reaching a total of $5.599 billion.
The reason for the decline in remittances from Kuwait remains unclear and awaits further analysis, reported Arab Times.
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