By Cleofe Maceda, Staff Reporter
Published: December 26, 2008, 23:39
Dubai: Remittances by Filipino expatriates in the GCC region declined in October compared to September, as the global downturn dampened demand for new workers.
The amount of money sent to the Philippines from Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE dipped 15.4 per cent from $498.9 million (Dh1,832.32 million) in September to $421.9 million in October, statistics from the central bank show.
Based on reports of commercial banks, thrift banks, offshore banking units and foreign exchange corporations submitted to the central bank, October remittances were down in almost all GCC-member nations except in Bahrain and Kuwait. Read More
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