Filipino Workers' Remittances To Gcc Rise To $4.04 Billion In 2023

Remittances from Filipino workers in Gulf Cooperation Council (GCC) countries increased by 4.04% in the first nine months of 2023. Saudi Arabia has emerged as a major contributor to remittances across the Gulf, both in terms of value and growth. 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.

Kuwait's growth rate was the slowest among the Gulf nations, increasing only by 0.16%. Compared to the same period of 2022, remittances from Filipino workers in Kuwait increased by $710,000, reaching $432.2 million in the first nine months of 2023. 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

Globally, Filipino workers' remittances from Gulf countries accounted for 16.49% of their total remittances in the first nine months of 2023, amounting to approximately $24.49 billion. 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.

Remittances from Filipino workers in Gulf countries, specifically Saudi Arabia, have experienced a notable increase, contributing significantly to the overall remittance inflow to the Philippines. Filipino workers in the Gulf region have a significant economic impact on the Philippines as a result of this trend

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