(GCC) have increased significantly, with an annual increase of 4.04% during the first nine-month period in 2023. Saudi Arabia is the largest contributor to remittances in the Gulf, both in terms of value and growth. Data from the Central Bank of the Philippines shows that Filipino workers received remittances totaling $ 4.04 billion from Gulf countries from January to September of 2023. This is compared to the $ 3.88 billion they sent during the same time period in 2022.
Kuwait had the lowest growth rate among the Gulf countries, with an increase of only 0.16%. Kuwait’s remittances to Filipino workers increased by $710,000 in the first nine-month period of 2023 compared with $431.49 in 2022. In the first nine-month period of 2023, the remittances of Filipino workers to all six GCC nations grew, but the Kingdom of Saudi Arabia led the way with a growth rate of 4.98 percent. The Kingdom received $1.47 billion in remittances. Bahrain’s $188.89 million was the lowest.
In the first nine months of 2023, Filipino workers’ remittances to Gulf countries represented 16.49% of their total global remittances. This amounted to approximately $24, 49 billion. According to a report by the Philippine Central Bank (PCB), labor remittances sent from the Gulf countries accounted for 42.13 percent of total Filipino labor remittances on the Asian continent in the same period. This totaled $9.59 billion.
The Philippines has seen a significant increase in remittances sent by Filipino workers to Gulf countries. This is especially true for the Kingdom of Saudi Arabia. This trend highlights the significant impact of the Filipino workforce on the Philippine economy.