PHILIPPINES, May 16: Recent data from the Central Bank of the Philippines has revealed a notable decline of approximately 2.10 percent in remittances from Filipino workers in Kuwait during the first quarter of 2024. This contrasts with a regional trend, as remittances from Filipino workers across all Gulf countries increased by 3.63 percent over the same period, reaching $1.34 billion compared to $1.29 billion in the first quarter of 2023.

The statistical analysis further highlights that this annual growth in remittances was predominantly propelled by an uptick in five Gulf nations, with Qatar leading the surge at approximately 5.09 percent. However, Kuwait saw a 2.10 percent decrease in remittances.

Saudi Arabia remains the primary recipient of remittances, totaling $485.47 million in the first quarter of the year, while Bahrain recorded the lowest remittances at $61.52 million, as reported by Mubasher Information.

Filipino worker remittances from Gulf countries accounted for 16.37 percent of the global total in the first quarter of 2024, amounting to $8.22 billion. Specifically, remittances from Gulf nations constituted 40.47 percent of Filipino workers' remittances from the Asian continent, totaling $3.33 billion during the same period.

Notably, remittances from the Middle East reached $1.41 billion, with 95.24 percent originating from Filipino workers in the Gulf countries.

It's worth mentioning that Filipino worker remittances from Gulf countries witnessed a 4.32 percent increase in 2023, totaling $5.599 billion, compared to $5.367 billion in 2022.