Remittance from Mid-East falls 15.3%

Image from Pexels Cash remittance from the Middle East dropped by 15.3 percent or $601.856 million in the first half of the year, according to the latest Bangko Sentral ng Pilipinas figures released Wednesday, 15 August 2018.

However, the 2018 second half cash remittance is expected to be stronger because of the money transfers surge during the Christmas season, said 2nd District of Leyte Rep. Henry C. Ong.

The cash transfers decline is across the board from the Middle East where there are significant remittances.

From Saudi Arabia, cash remitted were down by 12.9 percent or $172.11 million.

From Kuwait, cash wired back home to dependents here in the Philippines dropped by 15.8 percent or $65.79 million.

From Israel, cash sent home plunged by 58.9 percent from $71.682 million to $29.263 million.