Posted by Online on Oct 26th, 2011
Manila, Philippines – The Saudi Arabian Labor Ministry is poised to
put a ceiling on remittances by foreign migrant workers to protect the
economy of the oil-rich kingdom.
According to reports, Labor Minister Adel Fakieh disclosed early this
week the plan to introduce a so-called “salary protection” program.
Under the new program, expatriate workers must keep the bulk of their
salaries within the country.
“About nine out of 10 workers in the country are foreigners,” Fakieh
was quoted by local newspapers as saying. “This has led to millions of
riyals being transferred back to their home countries, harming the local
economy.”
Based on available data, migrant workers in Saudi Arabia were able to
send home an estimated 98.2 billion Saudi rials, roughly $26.2 billion,
in remittances last year, almost double the value of remittances in
2005.
Remittances to the Philippines from Saudi Arabia amounted to $1.544
billion in 2010 or around 8.2 percent of the cumulative $18.763 billion
in cash sent home by all overseas Filipino workers from around the
world, according to Bangko Sentral ng Pilipinas (BSP) statistics.
Remittances to Pakistan from July to September this year from Saudi
Arabia amounted to $854.18 million, according to the State Bank of
Pakistan.
India was the world’s largest remittance recipient in 2010 with $55
billion transferred to India by expatriates. The Gulf Cooperation
Council (GCC) contributed 30 percent of India’s total remittances.
Egypt, which counts remittances as among its top sources of hard
currency along with tourism and Suez Canal receipts, got $1 billion in
remittances from Saudi Arabia in the last fiscal year. (Roy C. Mabasa)
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