The Philippine News Agency reports that the decline in remittances from Overseas Filipino Workers (OFWs) stationed in Iraq and Iran is expected to have little impact on the overall economy of the Philippines.
According to the Philippine News Agency, the reduction in money remitted by Overseas Filipino Workers (OFWs) in Iraq and Iran is not anticipated to significantly affect the Philippine economy. Official data indicates that while remittances from these countries have decreased, the overall inflow of remittances to the Philippines remains stable due to diversified sources globally. The Department of Foreign Affairs, along with embassies in the Middle Eastern region, continue to monitor the situation to ensure the welfare of Filipino workers abroad and the steady flow of remittance vital to the local economy. This assessment reassures stakeholders that the Philippines’ economic resilience is supported by a broad base of remittance channels, minimizing the economic impact of localized dips.
Sources referenced:
- https://news.google.com/rss/articles/CBMiUEFVX3lxTE1uNDcxUHZCLXN2VFEtY3ZmUHhpVEZlbXZqTFdfa2ZFNWR3SEdyVDIyMUtwd0tKZ2dkSHB3T0lvem1GTEtTVWk5RzlsTlh6QnVY?oc=5
