GCC Remittances Soar to $4.04 Billion: Filipino Workers’ Impact in 2023

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KUWAIT CITY, Nov 15:  The remittances from Filipino workers in the Gulf Cooperation Council (GCC) countries have shown a significant increase, with a 4.04% annual rise during the first nine months of 2023. The Kingdom of Saudi Arabia has emerged as a major contributor, leading in both the value and growth of remittances across the Gulf. According to data from the Central Bank of the Philippines, Filipino workers sent remittances from Gulf countries totaling $4.04 billion from January to September 2023, compared to $3.88 billion during the same period in 2022.

Among the Gulf nations, Kuwait exhibited the slowest growth rate, with a marginal increase of 0.16%. Remittances from Filipino workers in Kuwait rose by $710,000, reaching $432.2 million in the first nine months of 2023, compared to $431.49 million in the corresponding period of 2022. Over the first nine months of the year, remittances from Filipino workers in all six GCC countries witnessed growth, with the Kingdom of Saudi Arabia leading with an annual growth rate of 4.98%. The Kingdom received the highest remittances, amounting to $1.47 billion, while the lowest came from the Kingdom of Bahrain at $188.89 million

Filipino workers’ remittances from Gulf countries constituted 16.49% of their total remittances globally, reaching approximately $24.49 billion in the first nine months of 2023. As per the report from the Philippine Central Bank, labor remittances from the Gulf accounted for 42.13% of the total Filipino labor remittances from the Asian continent during the same period, totaling $9.59 billion.

In summary, remittances from Filipino workers in the Gulf countries, particularly the Kingdom of Saudi Arabia, have experienced a notable increase, contributing significantly to the overall remittance inflow to the Philippines. This trend underscores the importance of the Filipino workforce in the Gulf region and their substantial impact on the Philippine economy

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