Remittances to Philippines dropped 15.%

According to Bangko Sentral ng Pilipinas (BSP) figures on remittances released on August 15 showing that cash remittance from the Middle East dropped by 15.3 percent or $601.856 million in the whole January to June period this year.

Cash remitted from Saudi Arabia was down by 12.9 percent or $172.11 million. While, 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.