THE ongoing conflict between Israel and Iran has no impact on the remittances from overseas Filipino workers (OFWs) for now, Malacanang said on Thursday.
Citing a report of the Department of Finance to Malacanang, Palace Press Officer Claire Castro said money sent home by Filipinos living or working in Israel and Iran account for 0.3 percent of total remittances to the country. It amounted to US$106.4 million in 2024.
There are close to 2,000 Filipinos in Iran, mostly married to Iranians, and about 20,000 in Israel.
Castro, however, said an escalation of the war, which could affect the entire Middle East region, would have a substantial effect on the overall remittances of OFWs.
OFW remittances reached US$2.66 billion as of April 2025, data from the Bangko Sentral ng Pilipinas showed.
Castro said the DOF is closely monitoring the impact of the ongoing conflict on the price of crude oil in the world market, which in turn could lead to higher oil prices and eventually affect the prices of commodities.
She said a rise in oil prices would also affect the country’s economic growth prospects.
“Usually, when the price of crude oil rises, market prices also increase,” she said in Filipino.
President Ferdinand Marcos Jr. the other day said the government has prepared contingencies to cushion the impact of a potential increase in oil prices such as the provision of fuel subsidy to public transportation operators and drivers, as well as farmers and fisherfolk.
Marcos also said that the government is closely monitoring the situation and there is no need for a mandatory repatriation of the workers at the moment.
