The ongoing conflict between Israel and Iran, now on its seventh day, has had no impact on overseas Filipino worker (OFW) remittances so far, Malacañang said Thursday.

In a media briefing, Palace Press Officer Atty. Claire Castro said there has been no significant effect on remittance inflows.

She cited Department of Finance Undersecretary Alu Dorotan-Tiuseco, who said, “The impact of remittances remains limited for now,” noting that remittances from Israel and Iran amounted to $106.4 million last year, or just 0.03 percent of total remittances.

However, the Finance official warned that a broader escalation involving other parts of the Middle East could significantly affect overall remittance flows.

Castro also noted the possibility of rising crude oil prices, which could impact household consumption and the country’s economic growth prospects, explaining that “when oil prices rise, commodity prices also increase.”

Meanwhile, stock analyst Luis Limlingan said oil prices have remained steady as Iran signaled openness to restarting nuclear talks.