Israel-Iran crisis has no impact on OFW remittances – Palace

By Ruth Abbey Gita-Carlos, Philippine News Agency

Citing the Department of Foreign Affairs (DFA) statement, Palace Press Officer Claire Castro said the impact of the conflict on overseas remittances is “limited for now.” (PNA file photo by Joan Bondoc)

MANILA – The ongoing war between Israel and Iran has no impact on the remittances of overseas Filipino workers (OFWs) to the Philippines, Malacañang said Thursday.

Citing the Department of Foreign Affairs (DFA) statement, Palace Press Officer Claire Castro said the impact of the conflict on overseas remittances is “limited for now.”

Castro noted that the money sent home by OFWs from Israel and Iran amounted to USD106.4 million in 2024, just .03 percent of total remittances.

“However, an escalation that could include the rest of the Middle East will have a substantial effect on overall remittances,” she said.

OFW remittances reached USD2.66 billion in April 2025, up 4 percent from USD2.56 billion in April 2024, data from the Bangko Sentral ng Pilipinas showed.

Castro acknowledged that the tensions in the Middle East could trigger an increase in crude oil prices and household consumption.

She said the conflict could also affect economic growth prospects.

“Kadalasan po kapag tumataas ang presyo ng krudo, tumataas din po ang bilihin sa merkado (Usually, when the price of crude oil rises, market prices also increase),” Castro said.

In an interview in Quezon City on Wednesday, President Ferdinand R.

Marcos Jr. said the government is ready to repatriate displaced Filipinos from the two Middle East nations and provide assistance to those who will be affected by the spike in oil prices.