KUWAIT CITY, Jan 16: During the initial 11 months of 2023, remittances from Filipino workers in Kuwait saw a decline of approximately 1.4%, amounting to $7.9 million. The total remittances reached $532.3 million compared to $540.2 million during the corresponding period in 2022, reports Al-Seyassah daily.

Remittances from Filipino workers across the Gulf Cooperation Council countries constituted 42.15% of their total remittances from the Asian continent in the same period.

The remittances from Gulf countries for the first 11 months of 2023 totaled about $5.02 billion. Overall, Filipino workers' remittances from Asia were $11.90 billion, with Gulf countries contributing 16.61% to the total remittances of $30.21 billion from countries worldwide, based on data from the Central Bank of the Philippines.

The statistics indicated a 4.17% annual growth in remittances from Filipino workers in the Gulf Cooperation Council countries during the first 11 months of the previous year compared to the same period in 2022 when it reached $4.82 billion.

Among the Gulf countries, remittances from the UAE, the leading contributor, increased by approximately 5.64%, while remittances from Kuwait decreased by 1.45%.

The largest share of remittances from the Gulf came from Saudi Arabia, amounting to $1.81 billion, driven by the Kingdom hosting numerous international events that necessitate hiring a substantial workforce. On the other hand, remittances from Filipino workers in the Kingdom of Bahrain recorded the lowest value in the Gulf during the first 11 months of the year, totaling about $231.48 million.

A recent World Bank report highlighted a 3.8% growth in remittances to low- and middle-income countries in 2023, signaling a slower pace compared to the previous two years. This raises concerns about potential declines in real income for migrants in 2024, given global inflation and lower growth prospects.