A one-percent excise tax on remittances under the proposed "One Big Beautiful Bill" in the United States (US) could reduce Filipino remittances by $1.9 billion, or approximately ₱108 billion, in 2026, the Department of Finance (DOF) estimated. Finance Undersecretary and Chief Economist Domini...
Malacañang said the ongoing tensions between Israel and Iran has so far no impact on the remittances of overseas Filipino workers (OFWs). Palace Press Officer and Communications Undersecretary Claire Castro said the Department of Finance (DOF) has seen a limited effect to the remittances coming...
Senate President Francis "Chiz" Escudero on Wednesday, March 26 urged overseas Filipino workers (OFWs) supporting former president Rodrigo Duterte to think carefully with their plan before staging a "zero remittance week." Escudero warned that not only would it affect Philippine economy, but more...
Malacañang has reminded overseas Filipino workers (OFWs) that the government is not an enemy but an ally, telling them to be sensible enough over the planned zero remittance week of OFWs— an act of support for embattled former president Rodrigo Duterte. PCO Undersecretary Claire Castro...
Cash remittances to the Philippines, which bolster consumer spending and the domestic economy as a whole, are at risk to be slashed by stricter immigration control and a clampdown on illegal migrants by US President-elect Donald J. Trump. In a Nov. 18 report, Capital Economics deputy chief...
As the Philippines enjoys among the lowest remittance fees, this year's growth of money sent back home by Filipinos working and living overseas will rebound to outpace last year's slowdown, according to the World Bank. In its Migration and Development Brief 40 titled "Remittances Slowed in 2023,...
(MANILA BULLETIN) The House Committee on Ways and Means approved on Tuesday, Feb. 13, a bill aiming to grant a 50 percent discount on fees related to the remittances that overseas Filipino workers (OFWs) send home to their families in the Philippines....
Increased cost, more stringent requirements, and riskier disapprovals are awaiting the remittances of overseas Filipino workers (OFWs) if the Philippines is blacklisted by the Financial Action Task Force (FATF), a global anti-money laundering task force, the country’s Anti-Money Laundering...
Remittances are a powerful force for good in the developing world. These are the money that migrants send home to their families in their home countries. They are a significant source of income for many developing countries, and can play a big role in economic growth. Sadly, even though global...
Senator Cynthia Villar has filed Senate Bill (SB) 1014, or the "Overseas Filipino Workers (OFWs) Remittance Protection Act", for the purpose of protecting the money remittances of Filipino migrant workers. Villar, a known advocate of OFWs, has been crafting measures to ensure the protection and...
