Money sent home by overseas Filipino workers (OFWs) continued to grow in the first eight months of 2026 despite the ongoing Middle East conflict, rising commodity prices, and global economic uncertainties.
Although growth moderated, remittances remained a vital source of income for Filipino households and an important contributor to the country’s economic activity.
Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., explained that remittances continued to expand despite slower growth caused by the Middle East crisis and reduced employment opportunities.
“OFW remittances remained relatively resilient even at low single-digit growth levels (at least not declining year-on-year), similar to the Covid-19 pandemic period, as OFWs may need to send more to their families to better cope with higher prices,” Ricafort said.
Higher Remittances Inflows
According to data from the Bangko Sentral ng Pilipinas (BSP), cash remittances reached $23.424 billion from January to August 2026, up 2.2 percent from $22.909 billion recorded during the same period in 2025.
Meanwhile, personal remittances, which include transfers made through banks, informal channels, and in-kind contributions, increased to $26.098 billion from $25.513 billion a year earlier.
“These inflows continued to underpin household spending and domestic economic activity, reflecting the resilience of remittance flows as a key source of household income and external financing,” the BSP said.
United States Remains Top Source of Remittances
The United States remained the largest sources of cash remittances, accounting for nearly 40 percent of total inflows.
Other major contributors included:
- Singapore: 7.1%
- Saudi Arabia: 6.3%
- Japan 4.9%
- United Kingdom: 4.8%
By employment type, land-based workers accounted for approximately 80% of all cash remittances, while sea-based workers contributed the remaining 20%.
While remittance inflows remained resilient, development in the Middle East underscored the risks faced by many OFWs who help drive these financial inflows. The conflict has heightened concerns over the safety and welfare of Filipino workers in the region, particularly in Saudi Arabia, one of the country’s largest overseas labor markets.
Injured Filipinos Receive Medical Monitoring and Assistance
Following the Riyadh airport attack, Philippine authorities continued monitoring the condition of the four affected Filipinos and aiding with their families.
One Filipino casualty was discharged from the hospital after suffering trauma burns and experiencing a problem in the lumbar area. Cacdac said the government would continue monitoring the individual’s recovery and assist with further treatment.
“He is healthy enough to be released from hospital. So we will monitor the situation and assist him in his further treatment,” Cacdac said.
The three other Filipino casualties remained confined in intensive care units in Saudi Arabia, where government personnel continued to monitor their conditions. At least one was reported to be in critical condition.
“I understand at least one is in critical condition so we continue to monitor and pray for her recovery,” Cacdac added.
Authorities also advised Filipinos in Riyadh to avoid unnecessary travel, verify flight information before proceeding to the airport, and refrain from posting unverified information about the attack that could violate Saudi laws.
These precautions were intended to reduce further risks to Filipino workers and passengers as the security situation and airport disruptions continued.
Deployment to Saudi Arabia Continues
Department of Migrant Workers (DMW) announced that it would continue the deployment of Filipino workers to Saudi Arabia, citing ongoing government efforts to ensure the safety of foreign workers within the kingdom.
DMW Secretary Hans J. Cacdac noted that the attacks have remained limited to specific areas and emphasized Saudi Arabia’s long-standing commitment to protecting Filipino workers.
“Economic life continues within the Kingdom and as we have observed, the attacks are restricted to some areas. The Kingdom has kept Filipinos safe not just since February 28, but for decades, providing protection to Filipino workers in Saudi Arabia,” stated Cacdac.
Remittances Expected to Remain a Key Economic Pillar
Despite geopolitical tensions and employment uncertainties, Philippine remittances continue to demonstrate resilience. Their steady growth highlights the importance of overseas Filipino workers in supporting household consumption and maintaining financial inflows into the country.
Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines, emphasized that remittances have historically remained a stable source of external financing.
“While geopolitical risks continue to pose challenges, remittances have historically been among the country’s most stable external inflows,” Asuncion said.
He added that the BSP’s 2.7-percent remittance growth target remained within reach, provided current trends continued, and seasonal holiday-related transfers strengthened during the final quarter of the year.
Ricafort likewise expected growth of 2 to 3 percent in the coming months, although he warned that weaker remittances from the Middle East and more protectionist immigration policies under the Trump administration could affect future inflows.
The peso’s depreciation to around P63 per dollar may provide overseas Filipinos with more pesos for every dollar they send home. However, higher commodity prices also increase the cost of living for workers abroad and their families in the Philippines.
Ultimately, the continued growth of remittances amid conflict underscores the financial importance of overseas employment to the Philippine economy. While the government maintains worker deployment to Saudi Arabia, it must also address the safety and welfare of Filipinos affected by regional instability.
The coming months will reveal whether remittance inflows can sustain their current pace as geopolitical risks, employment conditions, and household expenses continue to shape the financial
DOPAY Helps Keep Remittances Moving
As remittances continue to support millions of Filipino families, DOPAY provides accessible digital finance services that help recipients conveniently receive, manage and use their funds.
DOPAY, as a BSP‑licensed e‑wallet and crypto wallet, stands ready to promote financial integrity, transparency, and consumer protection.
For our beloved OFWs, with DOPAY, you can be assured that you can send money to the Philippines safely and at low cost.
Simply top-up your DOPAY wallet from anywhere in the world and send that to someone in the Philippines through DOPAY, and they will receive pesos in their DOPAY wallet; all within the app!
With DOPAY’s crypto wallet, you can gain crypto rewards for every trade under our Trade & Earn program. Not just that, with DOPAY’s Refer & Earn program, Filipinos can unlock new doors for earning possibilities with every successful referral.
Download the DOPAY app today!
