Filipino Remittances from Bahrain Hit $194m in 2024's First Nine Months

TDT | By H Nasser 

Email : editor@newsofbahrain.com

Remittances sent home by Filipino workers from Bahrain and the Gulf Cooperation Council (GCC) countries have shown positive growth in the first nine months of 2024, according to data released by the Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank.

Filipino remittances from Bahrain reached $194.79 million between January and September 2024, a 3.12% increase compared to the $188.89 million recorded during the same period in 2023. This positive trend mirrors the overall growth in remittances from the GCC, which saw a 5.12% year-on-year increase, accounting for a significant 96.46% of total remittances from the Middle East region.

Total remittances from the GCC during the first nine months of 2024 amounted to $4.25 billion, up from $4.04 billion in the same period of 2023. This increase was driven by growth across all six GCC member states. 

The United Arab Emirates led the growth with a 6.71% increase, followed by Saudi Arabia at 6.39%. Kuwait recorded the lowest growth rate at 0.11%. Saudi Arabia remained the largest source of remittances, contributing $1.56 billion.

The GCC's contribution to overall remittances from the Middle East was substantial, representing 96.46% of the total $4.40 billion received from the region during the first nine months of the year.  

Furthermore, remittances from the GCC accounted for 42.60% of the total $9.97 billion received from Asia and 16.83% of the total $25.23 billion in remittances from all over the world received by the Philippines during the same period.

These remittances are crucial for the Philippines, a major exporter of labour globally. The significant inflow from the GCC reflects the ongoing large-scale projects and global events hosted in the region, which continue to attract a substantial Filipino workforce.