September 20, 2021

Middle East makes up bulk of remittances to the Philippines

categories : banking

Central bank figures show personal remittances from overseas Filipinos reaching $3.18 billion in July

DUBAI: Remittances to the Philippines rose 6 percent in the first seven months of 2021, compared to the same period last year, with the bulk of transfers coming from the Middle East.

Central bank figures show personal remittances from overseas Filipinos reaching $3.18 billion in July, resulting in a cumulative total of $19.78 billion since the beginning of 2021.

Saudi Arabia was the third-biggest source of these money transfers, while Qatar and the UAE were also in the top 10, which accounted for 78.6 percent of total cash remittances.

The Middle East is home to more than two million Filipino workers, who are among the biggest expatriate communities in the region.

These Filipino migrant workers form the Philippines’ massive diasporic movement – more than 10 million – and they contribute 9.66 percent to the country’s total GDP through their remittances.

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