Palace says U.S. plan to tax remittances from foreign workers to have minimal effect

PTVPhilippines

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00:00In other news, the Palace says the proposed U.S. tax on remittances will have a limited effect on overseas Filipino workers and the economy.

00:07The Department of Finance, or DOF, estimates only 20% of 4.4 million Filipinos in the U.S., mainly non-citizens, may be affected.

00:14The potential drop in remittances is just $100 million out of a projected $36.5 billion in 2026, or a 0.003% dip in GDP.

00:24Still, the government acknowledges that Filipino families relying on U.S. remittances may feel the impact.

00:30The proposal is still being debated in the U.S. Senate.

00:54Really, in the Philippines.

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