US Remittances Tax Proposal’s Impact on Philippine Economy Deemed Minimal
Manila: The United States’ plan to impose a tax on remittances sent by foreign workers, including a significant number of overseas Filipino workers (OFWs), is expected to have only a minimal impact on the Philippine economy, according to Malaca±ang. According to Philippines News Agency, the Department of Finance has indicated that the proposed tax would affect only 20 percent of the 4.4 million overseas Filipinos residing in the US. If enacted, the tax proposal is slated to take effect on January 1, 2026. Palace Press Officer Claire Castro noted in a briefing that while 41 percent of remittances are routed