Philippine economic growth in 2026 would have hit the government’s downgraded target range had the war in the Middle East been short-lived, according to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP). However, the Bangkok-headquartered UNESCAP said a...
If the war in the Middle East prolongs and global oil prices continue to skyrocket, the Philippine peso could breach the ₱61:$1 level in the second quarter of 2026 and even hit as low as ₱62 to ₱64 against the United States (US) dollar. “Our base case forecasts for the US dollar-Philippine...
Senator Jinggoy Ejercito Estrada has filed Senate Bill No. 1074 or the proposed “Overseas Filipino Workers Remittance Protection Act” that primarily seeks to slash the remittance fees for OFWs by 50 percent. Estrada said the measure—a landmark proposal aimed at protecting the workers '...
Cash sent home by overseas Filipinos slipped to $2.98 billion in August from July’s seven-month peak, but the seasonal remittance surge in the fourth quarter is expected to lift inflows for the rest of the year. According to the Bangko Sentral ng Pilipinas (BSP), total cash remittances in August...
Cash sent home by Filipinos working and living overseas continued to increase in June on the back of faster inflows from land-based workers, according to the Bangko Sentral ng Pilipinas (BSP). The latest BSP data released on Friday, Aug. 15, showed that overall remittances increased by 3.7 percent...
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...
Cash sent home by Filipinos working and living overseas continued to increase in May on the back of sustained inflows from both land- and sea-based workers, according to the Bangko Sentral ng Pilipinas (BSP). Money sent through banks by overseas Filipinos (OFs) increased by 2.9 percent to $2.66...
A bill supported by United States (US) President Donald Trump, currently pending approval in the US Senate, would likely only minimally reduce remittances to the Philippines as more Filipinos who used to work overseas have returned home, according to Deutsche Bank Research. In a June 20 report,...
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...
Cash sent home by Filipinos working and living overseas continued to increase in April, Bangko Sentral ng Pilipinas (BSP) data showed, reflecting stable global employment abroad. Money sent in by overseas Filipinos (OFs) increased by four percent to $2.7 billion in April from $2.6 billion in the...
Over 70,000 Filipinos working and residing in South Korea will soon gain easier access to financial services as Philippine-based ADVANCE.CBP has partnered with Korea Credit Bureau (KCB) to enable the use of Philippine credit data abroad. According to a statement released on Tuesday, June 3, the...
The proposal to tax outbound remittances of non-United States (US) nationals would slash Philippine inflows by as much as $476.5 million or over ₱26 billion per year, according to estimates from the Washington-based Center for Global Development (CGD). In a May 28 blog post, CGD experts Helen...
