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GEORGE NAUFAL AND CARLOS VARGAS-SILVA
concerns about the existing remittance data in the MENA region, which range from inconsistencies in reporting formats by Central Banks to difficulties in measuring informal flows. Hence, to explore the impact of the crisis on remittances from the MENA region, in table 32.3 we resort to data published by the Central Banks of Bangladesh, Pakistan, and the Philippines. Together with India, these countries represent some of the most important sources of foreign workers for the GCC. We focus first on Bangladesh, Pakistan, and the Philippines because these countries’ Central Banks report monthly data on remittances from the GCC. Then we discuss the case of India, for which the data are not readily available. Columns (1) to (3) provide information on migrant transfers from the GCC countries to Bangladesh. The figures indicate that the leader in remittances from the region is Saudi Arabia with more than $3 billion in remittances during 2009. This sum combines with almost $2 billion from the United Arab Emirates. The growth rate of remittances from the GCC to Bangladesh remains strong for all countries except Bahrain. Columns (4) to (6) provide similar information for Pakistan. As can be appreciated from the last column, a comparison of flows for 2008 and 2009 indicates that flows from all the GCC countries to Pakistan have increased. Columns (7) and (8) report remittances from the GCC countries to the Philippines for 2008 and 2009. Filipino workers in Saudi Arabia remit over $1 billion per year. Notice also that five countries sent more than $100 million to the Philippines during 2009. Only in one instance have remittances declined in 2009 in comparison with 2008 (Kuwait). Hence, remittances in the GCC-Philippines corridor have remained stable, and, in fact, there is a rise in volume for most countries.
TABLE 32.3 Remittances from GCC to Bangladesh, Pakistan, and the Philippines, 2008 and 2009 Bangladesh Sending country
Pakistan
Philippines
2008 2009 Growth 2008 2009 Growth 2008 2009 Growth ($, mil.) ($, mil.) rate (%) ($, mil.) ($, mil.) rate (%) ($, mil.) ($, mil.) rate (%) (7)
(8)
Bahrain
167.4
(1)
154.2
(2)
(3) -8
147.8
(4)
157.0
(5)
(6) 6
159.5
166.2
4
Kuwait
949.5
993.9
5
426.9
437.7
3
125.1
104.6
−16
Oman
243.0
337.4
39
264.4
278.5
5
27.8
34.4
24
Qatar
324.8
366.3
13
283.6
375.4
32
122.9
184.6
50
1,387.1 1,470.6
6
Saudi Arabia 2,733.6 3,194.3
17
1,403.2
1,690.6
20
United Arab Emirates
42
1,289.4
2,011.1
56
1,379.5 1,958.1
621.2
644.8
(9)
4
Sources: http://www.bsp.gov.ph/statistics/keystat/ofw.htm; http://www.bangladesh-bank.org; and http://www.sbp. org.pk/ecodata/index2.asp.