BPI warns 'zero remittance week' by OFWs could hurt Philippine economy

Economists at Bank of the Philippine Islands (BPI) warn that a planned 'zero remittance week' by overseas Filipino workers (OFWs) from March 28 to April 4, 2025, could harm the Philippine economy, particularly affecting OFW families back home.

The plan, primarily supported by Duterte supporters in Europe protesting his arrest by the International Criminal Court (ICC), involves stopping remittances as a form of protest against authorities for not bringing him back to the Philippines.

BSP may postpone rate cuts and potentially hike policy rates if there is a substantial reduction in inflows, with BPI lead economist Jun Neri suggesting that the peso could breach the 60 level against the US dollar.

Malacañang has appealed to OFW groups in Europe to remain calm and consider justice for victims of Duterte's war on illegal drugs, noting that deaths under his campaign reached 6,000 according to police records but could be as high as 30,000 including vigilante killings.

OFWs are urged to weigh the potential economic impacts on their families before participating in the 'zero remittance week', with experts questioning whether those calling for the ban represent all OFWs abroad.