DUBAI: Money sent home by overseas Filipino workers (OFWs) in the Middle East went down 15.3 percent to $6.62 billion in 2018 from $7.81 billion a year earlier, latest government data shows.
Lower crude prices, which affected most OFW host countries in the region, the job nationalization schemes of Gulf states and a deployment ban last year of household service workers to Kuwait were the primary reasons for the decline, a reversal from the 3.4 percent remittance growth recorded in 2017.
A government study has noted that Saudi Arabia was the leading country of destination for OFWs, with more than a quarter of Filipinos being deployed there at any given time, together with the United Arab Emirates (15.3 percent), Kuwait (6.7 percent) and Qatar (5.5 percent).
Cash remittances from OFWs in Saudi Arabia fell 11.1 percent last year to $2.23 billion from $2.51 billion a year before; down 19.9 percent to $2.03 billion in the UAE from $2.54 billion in 2017; 14.5 percent lower in Kuwait to $689.61 million from $806.48 million and 9.2 percent down in Qatar to $1 billion in 2018, from $1.1 billion a year earlier.
The Philippine government issued a deployment ban for Kuwait early last year, and lasted for five months, after a string of reported deaths and abuses on Filipino workers in the Gulf state.
OFW remittances from Oman, which implemented a job nationalization program like that of Saudi Arabia and the UAE, dove 33.8 percent to $228.74 million in 2018 from $345.41 million a year before. In Bahrain, cash sent by Filipinos rose 2.2 percent to $234.14 million last year from $229.02 million previously.
Meanwhile, overall OFW remittances grew 3 percent year-on-year to $32.2 billion, the highest annual level to date.
“The growth in personal remittances during the year was driven by remittance inflows from land-based OFs with work contracts of one year or more and remittances from both sea-based and land-based OFs with work contracts of less than one year,” the Philippine central monetary authority said.
Personal remittances are a major driver of domestic consumption and in 2018 accounted for 9.7 percent of the Philippines’ gross domestic product.
Filipino remittances from the Middle East down 15.3% in 2018
Filipino remittances from the Middle East down 15.3% in 2018
- Cash remittances from OFWs in Saudi Arabia fell 11.1 percent last year to $2.23 billion from $2.51 billion previously
- Personal remittances are a major driver of domestic consumption
Saudi Arabia, Japan trade rises 38% between 2016 and 2024, minister says
RIYADH: Trade between Saudi Arabia and Japan has increased by 38 percent between 2016 and 2024 to reach SR138 billion ($36 billion), the Kingdom’s investment minister revealed.
Speaking at the Saudi-Japanese Ministerial Investment Forum 2026, Khalid Al-Falih explained that this makes the Asian country the Kingdom’s third-largest trading partner, according to Asharq Bloomberg.
This falls in line with the fact that Saudi Arabia has been a very important country for Japan from the viewpoint of its energy security, having been a stable supplier of crude oil for many years.
It also aligns well with how Japan is fully committed to supporting Vision 2030 by sharing its knowledge and advanced technologies.
“This trade is dominated by the Kingdom's exports of energy products, specifically oil, gas, and their derivatives. We certainly look forward to the Saudi private sector increasing trade with Japan, particularly in high-tech Japanese products,” Al-Falih said.
He added: “As for investment, Japanese investment in the Kingdom is good and strong, but we look forward to raising the level of Japanese investments in the Kingdom. Today, the Kingdom offers promising opportunities for Japanese companies in several fields, including the traditional sector that links the two economies: energy.”
The minister went on to note that additional sectors that both countries can also collaborate in include green and blue hydrogen, investments in advanced industries, health, food security, innovation, entrepreneurship, among others.
During his speech, Al-Falih shed light on how the Kingdom’s pavilion at Expo 2025 in Osaka achieved remarkable success, with the exhibition receiving more than 3 million visitors, reflecting the Japanese public’s interest in Saudi Arabia.
“The pavilion also organized approximately 700 new business events, several each day, including 88 major investment events led by the Ministry of Investment. Today, as we prepare for the upcoming Expo 2030, we look forward to building upon Japan’s achievements,” he said.
The minister added: “During our visit to Japan, we agreed to establish a partnership to transfer the remarkable Japanese experience from Expo Osaka 2025 to Expo Riyadh 2030. I am certain that the Japanese pavilion at Expo Riyadh will rival the Saudi pavilion at Expo Osaka in terms of organization, innovation, and visitor turnout.”
Al-Falih also shed light on how Saudi-Japanese relations celebrated their 70th anniversary last year, and today marks the 71st year of these relations as well as how they have flourished over the decades, moving from one strategic level to an even higher one.
