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Manila Bulletin devider Philippines devider National devider Iran-Israel conflict no impact on OFW remittances—Palace

Iran-Israel conflict no impact on OFW remittances—Palace

Published Jun 19, 2025 03:44 pm
Malacañang said the ongoing tensions between Israel and Iran has so far no impact on the remittances of overseas Filipino workers (OFWs).
The Israeli Iron Dome air defense system fires to intercept missiles during an Iranian attack over Tel Aviv, Israel, early Wednesday, June 18, 2025. (AP Photo/Leo Correa)
The Israeli Iron Dome air defense system fires to intercept missiles during an Iranian attack over Tel Aviv, Israel, early Wednesday, June 18, 2025. (AP Photo/Leo Correa)
Palace Press Officer and Communications Undersecretary Claire Castro said the Department of Finance (DOF) has seen a limited effect to the remittances coming from OFWs in both countries due to the situation in the Middle East.
“Sa ngayon po ay wala pa pong impact na ganun sa OFW remittances (For now, the situation has yet to impact the OFW remittances),” Castro said in a Palace briefing on Thursday, June 20. 
According to DOF Undersecretary Maria Lualhati Tiuseco, the impact remains limited, considering the remittances amounted to $106.4 million in 2024—.03 percent of total remittances. 
However, the DOF said, an escalation that could include the rest of the Middle East will have a substantial effect on overall remittances.
Castro also noted that there will likely be an increase in the price of crude oil, and the economy's growth prospects will most likely be affected.
“Dahil kadalasan po, kapag tumataas ang presyo ng krudo, tumaas din po ang bilihin sa merkado (Because usually, when the price of crude oil goes up, the prices of goods in the market also increase), ”Castro said.

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