Remittances from Filipino Workers in Kuwait Drop by 2.10%
- Publish date: Saturday، 18 May 2024
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Recent data from the Central Bank of the Philippines reveals a 2.10 percent decline in remittances from Filipino workers in Kuwait during the first quarter of 2024. This contrasts with a 3.63 percent increase in remittances from Filipino workers across all Gulf countries, totaling $1.34 billion compared to $1.29 billion in the first quarter of 2023.
Regional Trends
- Saudi Arabia: Filipino workers sent $485.47 million, the highest among Gulf nations.
- Bahrain: Recorded the lowest remittances at $61.52 million.
- Qatar: Led the regional surge with a 5.09 percent increase in remittances.
Overall Impact
Filipino worker remittances from Gulf countries accounted for 16.37 percent of the global total, amounting to $8.22 billion in the first quarter of 2024. These remittances also made up 40.47 percent of the total from Asia.
Annual Growth
In 2023, remittances from Gulf countries increased by 4.32 percent, reaching $5.599 billion compared to $5.367 billion in 2022. Despite the recent decline in Kuwait, the Gulf region remains a crucial source of remittances for the Philippines.