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Kuwait sees 2% drop in Filipino remittances

Finance Kuwait City 29 Feb 24
Kuwait sees 2% drop in Filipino remittances
Kuwait sees 2% drop in Filipino remittances.
Fee
Event Location
Kuwait, Kuwait
Area
Kuwait City
Start Time
29 February 2024, 12:00 AM
End Time
31 March 2024, 12:00 AM
Website

There is 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.

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.

Kuwait Filipino remittances



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