Kuwait sees 2% drop in Filipino remittances

This news has been read 3676 times!

KUWAIT CITY, Feb 17: Statistics revealed an increase in Filipino workers’ remittances from the Gulf Cooperation Council countries during 2023 by 4.32% annually, reaching $5.59 billion, compared to $5.36 billion in 2022, reports Al-Seyassah daily.

Filipino workers’ remittances from Kuwait recorded a slight decline during 2023 by $12 million, or 2%, to reach the $585.1 million compared to $597.1 million in 2022, according to “Mubasher Information” statistics based on data from the Central Bank of the Philippines. The annual growth of remittances from the six Gulf Cooperation Council countries supported their growth from 5 countries, and the growth was led by the Kingdom of Saudi Arabia with 5.90%, while remittances from Kuwait declined by about 2.01%. Saudi Arabia continued to capture the largest share in the Gulf of these transfers. Filipino workers sent remittances worth $2.06 billion, while the Kingdom of Bahrain topped the list with only $254.99 million.

According to statistics, remittances of Filipino workers from the Gulf countries together represent 16.72% of the total remittances from countries around the world in 2023, amounting to $33.491 billion. Remittances of Filipino workers from Gulf countries represented 42.15%; compared to the value of these workers’ remittances from Asia, which amounted to $13.284 billion last year. The value of remittances from the Middle East amounted to $5.816 billion in the previous year, of which 96.27% were remittances from Filipino workers from the Gulf countries. In 2023, remittance flows to low- and middle-income countries are estimated to reach $669 billion, with shock-resilient labor markets in advanced economies and Gulf Cooperation Council countries continuing to support migrants’ ability to send money home.

Excluding China, remittances to the East Asia and Pacific region saw a growth of 7% to reach $83 billion in 2023, supported by continued growth in remittance flows to the Philippines, which has migrants in a variety of countries around the world. The United States remained the largest source of remittances, and the five countries that received the largest amount of remittances in 2023 were India with $125 billion, Mexico with about $67 billion, China with $50 billion, the Philippines with $40 billion, and Egypt with $24 billion. The World Bank described the remittances sent by workers to their countries as a lifeline for low-income countries, as they provide a stable income to millions of people in developing economies, contribute to alleviating poverty, and improve nutritional outcomes.

by Al Seyassah / Arab Times

This news has been read 3676 times!

Related Articles

Back to top button

Advt Blocker Detected

Kindly disable the Ad blocker

Verified by MonsterInsights