11-05-2026 
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TL;DR: Philippine OFW remittances grew about 2.3% despite the Middle East conflict, which has forced 12,000+ repatriations. The Department of Migrant Workers (DMW) seeks a PHP 11.616 billion ($182 million) budget for 2027, and the Department of Agriculture urges OFWs to invest in agribusiness. Meanwhile, remittances to Ho Chi Minh City rebounded to $2.84 billion in Q3.
Key Takeaways:
- Philippine remittances grew about 2.2% to 2.3%, per DMW Secretary Hans Leo Cacdac.
- At least 12,000 OFWs have been repatriated since the February 2026 US-Iran war.
- The Department of Migrant Workers proposed a PHP 11.616 billion ($182 million) budget for 2027 for aid and reintegration.
- The Department of Agriculture hosted 127 Singapore-based OFWs to promote agribusiness investment.
- Ho Chi Minh City’s Q3 remittances hit $2.84 billion, its first year-on-year gain of 2026.
OFW remittances grew slightly as repatriation remains due to the Middle East conflict
Overseas Filipino Workers’ (OFW) remittances saw a slight growth despite the Middle East conflict, the Department of Migrant Workers (DMW) said on October 28.
According to DMW Secretary Hans Leo Cacdac, remittances in the Philippines grew by 2.2% to 2.3%. Looking at it positively, Cacdac said that although the growth rates are low, these are still growth, adding that personal remittances have reached nearly PHP 40 billion ($628 million) last year.
“Despite the global tendency of slowing economic growth, remittances are sustained, posting growth of around 2.2% to 2.3%,” the DMW Secretary said during the Kapihan sa Manila Hotel forum.
Since the U.S.-Iran war in February, the Philippine government has repatriated at least 12,000 OFWs—Cacdac said that among those affected by the conflict the most are in the hospitality and construction sectors.
To strengthen efforts to provide financial assistance, training, and employment opportunities to affected workers, the DMW proposed a PHP 11.616 billion ($182 million) budget for 2027.
Cacdac said the department needed additional funds to address growing needs stemming from the Middle East crisis. He also asked for a larger reintegration budget to support the livelihood of returning and grant workers.
The Philippines Department of Agriculture urges OFWs to invest in agribusiness
In other news, the Philippines’ Department of Agriculture (DA) has urged OFWs to consider investing in agribusiness.
At the second “Usapang Agribiz sa Singapore” on October 25, the DA brought together 127 OFWs to explore agribusiness opportunities and provided guidance on turning their savings, skills, and work experience into viable enterprises.
The initiative was conducted by DA through its Agribusiness and Marketing Assistance Service (AMAS) and the Philippine Agriculture Office in Bangkok, Thailand, in collaboration with the Overseas Workers Welfare Administration (OWWA) in Singapore and with the support of the Philippine Embassy in the city-state.
“Returning home should not mean starting from scratch. We want our OFWs to have the opportunity to plan ahead, make informed investment decisions, and prepare for a livelihood they can sustain long after their overseas employment ends,” Agriculture Secretary Francisco Tiu Laurel Jr. said.
According to reports, Singapore hosts an estimated 220,000 Filipinos professionals, skilled workers, and household workers. According to the DMA, the city-state has the second-largest source of OFW remittances globally, generating approximately $2.45 billion yearly, while the U.S. remained the top source of inflows, followed by Singapore and Saudi Arabia.
The DA sees these financial inflows as a prime venture capital for domestic agriculture. “Through agribusiness, we hope to help them turn their hard-earned savings and experience into productive enterprises that support their families, create opportunities in their communities, and contribute to Philippine agriculture,” Laurel added.
Vietnam: Ho Chi Minh’s remittances grow strongly
Elsewhere, State Bank of Vietnam‘s Regional Branch 2 reported that remittances in Ho Chi Minh City exceeded $2.84 billion in Q3 of 2026, up 39.5% quarter-on-quarter and 3.6% year-on-year.
Deputy Director of the State Bank of Vietnam’s Regional Branch 2, Tran Thi Ngoc Lien, said this was the first quarter of 2026 to record positive year-on-year growth in remittances. After falling 16.9% in Q1 and 27.9% in Q2, the rebound substantially reduced the nine-month decline.
Overall, Asia accounted for most of the recovery. Remittances in this region exceeded $1.67 billion in Q3 2026, representing 59.1% of the city’s total, up from 49.3% in Q2, with inflows largely coming from Vietnamese workers in South Korea, Japan, Taiwan, Singapore, and Malaysia.
Korean won is one of the key drivers for Ho Chi Minh’s remittance appreciation. By late June and late September this year, the exchange rate fell from around KRW 1,549 ($1.16) per U.S. dollar to about KRW 1,353 ($1.01) per U.S. dollar—representing an increase of about 14.5% against the USD.
Apart from that, transfer channels also shifted in a positive direction. Remittances sent via economic organizations exceeded $2.2 billion in Q3, accounting for 77.7% of the total and an increase of 58.5% in the previous quarter.
Even with the third-quarter rebound, remittance inflows in Ho Chi Minh City totaled just over $6.87 billion between January and September 2026. That is 13.8% lower than a year earlier, a drop of roughly $1.09 billion, and works about two-thirds (66.7%) of 2025’s figure. The Q3 upturn narrowed the decline from 22.8% at the end of the first half of 2026.
By region, Asia remained the largest remittance source, contributing $3.59 billion, or 52.3%, of total inflows. This was followed by the U.S. with $2.1 billion (30.9%), Oceania with $591.5 million (8.6%), Europe with $535.7 million (7.8%), and Africa with $29.2 million (0.4%).
According to the State Bank’s Regional Branch 2, the decline in most regions reflected global economic pressures. The Middle East conflict, which escalated in late February 2026, added uncertainty, while a 3.4% rise in U.S. consumer prices in August left overseas Vietnamese with less to save and send home.
FAQs:
How much did OFW remittances grow in 2026?
Philippine remittances grew about 2.2% to 2.3%, according to DMW Secretary Hans Leo Cacdac, despite slowing global growth and the Middle East conflict.
How many OFWs were repatriated due to the Middle East conflict?
At least 12,000 OFWs have been repatriated since February 2026. Hospitality and construction workers were hit hardest.
How much is the DMW’s proposed 2027 budget?
The DMW proposed PHP 11.616 billion ($182 million) for 2027 to cover financial aid, training, jobs, and reintegration for affected OFWs.
Why is the DA encouraging OFWs to invest in agribusiness?
The DA wants OFWs to turn savings and skills into sustainable livelihoods after overseas work.
How much do Singapore-based OFWs send home?
Singapore generates about $2.45 billion in OFW remittances annually, ranking second only to the U.S. and ahead of Saudi Arabia.
Are remittances to Ho Chi Minh City recovering?
Partly. Q3 inflows reached $2.84 billion, up 3.6% year on year, but inflows for January to September are still down 13.8%.
Why did Vietnam’s remittances rebound in Q3 2026?
A stronger Korean won was a key driver, appreciating about 14.5% against the dollar. Inflows from workers across Asia lifted the region’s share to 59.1%.
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