Despite growing tensions in the Middle East, the Philippine government said remittances from overseas Filipino workers remain largely unaffected—for now.
Palace Press Officer Claire Castro relayed that, according to Department of Finance Undersecretary Maria Lualhati Tiuseco, the conflict between Iran and Israel has yet to significantly impact OFW money transfers to the Philippines.
“Ang sabi po niya, and I quote, ‘the impact on remittances remains limited for now, given the remittances from Israel and Iran amounted to 106.4 million U.S. dollars in 2024, 0.03 percent of total remittances,’” Castro said in a briefing.
Still, she acknowledged that the situation could change if the unrest spreads to other parts of the Middle East, which could then deal a “substantial effect” on overall remittances.
President Ferdinand Marcos Jr., meanwhile, assured the public that fuel subsidies are being prepared to cushion possible price hikes amid the regional conflict. He also noted that, as of now, there is no need for mandatory evacuation of Filipinos in Israel or Iran.
This comes after Israel launched strikes on Iranian territory on Friday, targeting high-profile military leaders and nuclear facilities. Iran, in turn, retaliated and labeled the assault a “declaration of war.”
