ECONOMIST and former National Economic and Development Authority chief Solita Monsod dismissed concerns that the planned "Zero Remittance Week" by overseas Filipino workers (OFWs) protesting former president Rodrigo Duterte's arrest would cripple the economy.

In an interview Thursday, Monsod acknowledged the right of OFW to protest but argued that a one-week halt in remittances would have minimal economic repercussions.

Monsod said the economy receives about $97 million in daily remittances, with total OFW contributions reaching $38.3 billion last year. Even if the remittance halt were fully implemented, she estimated the loss to be negligible.

"A 3 percent increase from last year's $38.3 billion brings remittances to around $40 billion annually. That's about $800 million per week. Even if all OFWs stopped remitting for a week — which is unlikely — the loss is temporary," she said.

She estimated that only around 20 percent of OFWs — likely Duterte supporters — would participate, translating to a temporary loss of about $185 million.

"Losing $185 million for a week — when the Bangko Sentral ng Pilipinas has $106 billion in reserves — won't affect exchange rates or interest rates," Monsod said. "This is just a delay. Families still need the money, so they'll send it the following week. The national economy won't be affected."

Rather than focusing on the protest's economic effect, she urged better information dissemination to help OFWs understand the country's political situation.

Monsod's assessment was in stark contrast to the warnings issued by a pro-Duterte analyst, Herman Tiu Laurel, who said an extended remittance boycott could lead to a major economic crisis.

"If the Marcos government insists on its intransigence, Zero Remittance Week may stretch longer, causing significant damage," he told The Manila Times.

Tiu Laurel criticized the administration for issuing punitive threats rather than engaging in dialogue, noting that Chief Presidential Legal Counsel Juan Ponce Enrile warned of possible taxation measures on OFWs.

"Threatening OFWs with punitive taxes only adds fuel to the fire," he said.

In countering Monsod, Tiu Laurel erroneously referred to her as a "government economist."

Meanwhile, Minority Leader Aquilino Pimentel III on Thursday said OFWs can and should enjoy their money "whatever way they want."

Reacting to Enrile's warning, Pimentel said: "As a legislator, I will never take back the tax exemptions already granted [to] our OFWs. The money they earn is their own money. They can and should enjoy their money whatever way they want."

The OFWs, he said, are the country's modern heroes "not because they remit money to the Philippines."

"They are heroes because of the example of hard work, sacrifice and love for family as well as for the country that they are showing to our society," Pimentel said.

Enrile on Tuesday urged social and political leaders to think twice about mounting a "zero remittance week" to protest Duterte's arrest, saying the move could cost overseas Filipino workers their tax perks.

In a Facebook post, Enrile warned a zero remittance week could have adverse consequences on OFWs.

"For every action there is always a possible counter action. If such an advice is followed by some OFWs, what will happen should Congress, for instance, retaliate and cancel or also suspend the tax privileges of the OFWs that follow the advice?" Enrile said.

Also on Thursday, Bishop Ruperto Santos of Antipolo expressed concern over the proposed "Zero Remittance Week" protest, warning of its potential impact on Filipino families.

Santos acknowledged the sentiments behind the protest but urged OFWs to consider the broader consequences of halting remittances, even temporarily.

"A halt in remittances, even temporarily, could disrupt the lives of these families, leaving them vulnerable and struggling to make ends meet," Santos said.