Impact of Israel-Iran on remittances still limited - Palace

Metro Manila, Philippines - The conflict between Israel and Iran has yet to significantly impact remittances from overseas Filipinos, Malacañang said Thursday, June 19, citing an insight from a finance undersecretary.

Communications Undersecretary Claire Castro told reporters that she talked with Finance Undersecretary Alu Dorotan-Tiuseco on the matter.

“Sabi po niya [she said], and I quote, ‘The impact on remittances remains limited for now, given the remittances from Israel and Iran amounted to $106.4 million in 2024, [which is] 0.03 percent of total remittances,’” Castro said in a news briefing.

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

While this is the case, the price of crude oil is expected as the conflict progresses, and could impact household consumption and economic growth prospects, Castro said, citing Dorotan-Tiuseco.

Foreign Affairs Undersecretary Eduardo de Vega said the government is urging Filipinos in Israel and Iran to voluntarily return to the country.

He said the Department of Foreign Affairs is planning to raise the warning for the two Middle East nations to Alert Level 3, which would trigger voluntary repatriation.

So far, 178 Filipinos in Israel have requested repatriation and 14 in Iran.