Official data from the Central Bank of the Philippines indicates a 2.15% decrease in remittances sent by Filipino workers from Kuwait over the past seven months, totaling $317.07 million, down from $324.03 million in the same period of 2023.

Despite this decline from Kuwait, overall remittances from Filipino workers in the Gulf Cooperation Council (GCC) countries increased by 4% year-on-year, reaching $3.2 billion in the first seven months of 2024, compared to $3.08 billion in 2023. Saudi Arabia remained the top source of remittances, with Filipino workers sending home $1.17 billion during this period, marking a 4.39% annual increase. Bahrain had the lowest remittances among Gulf nations, amounting to $158.8 million, which is a 3.6% rise from $153.2 million in 2023.

The statistics further reveal that remittances from GCC countries constituted 16.55% of the total remittances from Filipino workers globally, which reached $19.33 billion in the first seven months of 2024. Additionally, remittances from the Gulf accounted for 41.7% of total remittances from Filipino workers in Asia, totaling $7.67 billion.

In the broader Middle East region, total remittances amounted to $3.32 billion, with 96.22% originating from GCC countries. The World Bank projects that remittances to low- and middle-income countries will grow by 2.3% in 2024, although this growth is expected to vary across different regions.