PHP to KRW: Philippine Peso to Korean Won Exchange Rate Guide (2026)
Live rate, conversion table, and complete OFW remittance guide for Filipinos in Korea
Table of Contents
- Current PHP/KRW Rate & Conversion Table
- The Philippines-Korea OFW Corridor
- The Employment Permit System (EPS) Explained
- Factors That Affect the PHP to KRW Rate
- Best Services to Send KRW to PHP (Korea to Philippines)
- Transfer Method Comparison Table
- OFW Remittance Tips and POEA Regulations
- Frequently Asked Questions
1. Current PHP to KRW Rate & Conversion Table
The Philippine Peso (PHP) to Korean Won (KRW) exchange rate is one of Asia's most socially significant currency pairs, underpinned by the massive flow of OFW (Overseas Filipino Worker) remittances from Korea to the Philippines. South Korea is among the top destinations for Filipino migrant workers globally, with tens of thousands of Filipinos working across Korean manufacturing, agriculture, domestic services, and the hospitality industry.
As of May 15, 2026, the interbank mid-market rate is approximately 1 PHP = 24.2536 KRW. Because the Philippine Peso is not freely convertible in major global FX markets, the PHP/KRW pair is typically routed through USD — meaning the effective rate depends on both USD/PHP and USD/KRW rates. Using a specialist remittance service rather than a Korean bank wire is especially important for this corridor to minimize the double-conversion cost.
PHP to KRW Conversion Table
The table below shows live approximate conversions for common Philippine Peso amounts (relevant for understanding purchasing power in Korea):
| Philippine Peso (PHP) | Korean Won (KRW) — Approx. | Context |
|---|---|---|
| ₱1,000 PHP | ₩24,254 KRW | Small test transfer |
| ₱5,000 PHP | ₩121,268 KRW | Budget daily expenses in Korea (meals + transport) |
| ₱10,000 PHP | ₩242,536 KRW | One week groceries for a family in Korea |
| ₱25,000 PHP | ₩606,340 KRW | Monthly utility bills + groceries contribution |
| ₱50,000 PHP | ₩1,212,680 KRW | Typical OFW monthly remittance home |
| ₱100,000 PHP | ₩2,425,360 KRW | Large remittance (school fees, medical, savings) |
Rates are approximate mid-market rates as of May 15, 2026. Actual amounts vary by provider and transfer method. Use our live PHP/KRW calculator for real-time precision.
KRW to PHP: How Much Will My Family Receive?
OFWs in Korea typically think in terms of how much KRW converts to PHP for their family. Here is a quick KRW-to-PHP reference table based on live rates:
| Korean Won (KRW) | Philippine Peso (PHP) — Approx. | Context |
|---|---|---|
| ₩500,000 KRW | ₱20,615 PHP | Half-month OFW salary |
| ₩1,000,000 KRW | ₱41,231 PHP | Typical EPS monthly wage |
| ₩1,500,000 KRW | ₱61,846 PHP | Mid-range EPS wage |
| ₩2,000,000 KRW | ₱82,462 PHP | Higher EPS + overtime wage |
| ₩3,000,000 KRW | ₱123,693 PHP | Skilled EPS worker with bonuses |
| ₩5,000,000 KRW | ₱206,155 PHP | Large transfer (annual savings) |
2. The Philippines-Korea OFW Remittance Corridor
The Philippines-South Korea bilateral relationship is among the most people-intensive in Asia. The Philippines is consistently in the top three sending countries for South Korea's Employment Permit System (EPS), meaning thousands of Filipino workers arrive in Korea each year for legally contracted work in manufacturing, agriculture, animal husbandry, fisheries, and construction. Beyond EPS workers, there is also a significant community of Filipino spouses of Korean nationals (Korean-Filipino multicultural families), domestic workers, entertainment workers, and professionals.
Scale of the Filipino Community in Korea
According to Korean Immigration Service data, the Filipino community in South Korea numbers approximately 60,000–80,000 registered residents, making it one of the larger Southeast Asian communities in the country. This excludes undocumented residents and short-term visitors. Korean cities with notable Filipino communities include Seoul (Itaewon, Malate-style bars and restaurants), Ansan (significant manufacturing worker community), Gimhae, Changwon, and the Gyeonggi-do manufacturing belt.
Remittance Scale and Economic Impact
The Philippines as a nation receives over $36 billion USD in annual remittances — one of the world's highest. South Korea is among the top 10 source countries for Philippine OFW remittances. For Filipino families, KRW-to-PHP remittances are often the primary source of household income, funding school fees, medical expenses, home construction, and daily living costs. A typical Filipino EPS worker in Korea earns ₩2,000,000–₩2,800,000 KRW per month and remits ₩600,000–₩1,200,000 (roughly 30%–50% of earnings) home to the Philippines monthly.
Korean Spouses and Multicultural Families
The Philippines is also the second-largest source country for international marriages to Korean nationals (after Vietnam). There are an estimated 30,000+ Filipino spouses of Korean nationals living in Korea, creating a separate and stable remittance corridor — sending money home to parents, siblings, and extended family in the Philippines on a regular basis. These multicultural families also generate reverse flows: Korean spouses investing or retiring in the Philippines, creating KRW-to-PHP demand.
K-Pop, Korean Culture, and the Reverse Tourism Flow
The Philippines has one of the most enthusiastic K-pop fanbases in Southeast Asia. Korean tourists visiting the Philippines (particularly Cebu, Boracay, and Palawan) are among the top inbound tourist nationalities, creating KRW-to-PHP spending at Philippine resorts and businesses. This tourism dimension adds another layer of depth to the bilateral currency relationship.
3. The Employment Permit System (EPS): Korea's OFW Gateway
The Employment Permit System (EPS) is the cornerstone of Filipino migrant worker presence in Korea. Understanding EPS is essential context for anyone managing KRW-to-PHP remittances.
What Is EPS?
EPS is a bilateral labor program jointly managed by the Korean Ministry of Employment and Labor (MOEL) and the Philippine Overseas Employment Administration (POEA). It allows non-professional workers from 16 partner countries to work legally in South Korea for up to 4 years and 10 months, with a possible extension to 9 years and 8 months for highly valued employees. Filipino EPS workers are assigned to Korean employers in manufacturing, construction, agriculture, livestock, fisheries, and food processing industries.
EPS Wage Scale and Remittance Capacity
Korean EPS workers are entitled to Korea's minimum wage (₩9,860 per hour in 2024, raised to ₩10,030 per hour in 2025) plus any overtime, bonuses, and employer-provided accommodation/meal allowances. Typical gross monthly earnings range from ₩2,000,000 to ₩3,500,000 KRW depending on industry, overtime, and employer. After Korean taxes and national health insurance deductions, take-home pay is approximately ₩1,700,000–₩3,000,000. Most EPS workers remit ₩700,000–₩1,500,000 per month to the Philippines.
EPS Application and POEA Role
The Philippine Overseas Employment Administration (POEA) coordinates the Philippine side of EPS recruitment. Filipino workers must pass a Korean language proficiency test (EPS-TOPIK), register with POEA, and be matched with an approved Korean employer. POEA also provides pre-departure orientation, including information on remittance channels and workers' financial rights. Workers who leave their contracted employer without authorization risk losing their legal status, so understanding and following POEA guidance is critical.
Mandatory OFW Allotment Rule
Under POEA regulations, land-based OFWs on employment contracts of one year or more are required to remit a minimum of 70% of their basic salary to their designated family allottee in the Philippines (the "mandatory allotment" rule). For EPS workers, this is typically facilitated through their employer's payroll system working with an accredited remittance center. Many EPS workers exceed this minimum, remitting 80%–90% of earnings home while living frugally in Korea on employer-provided accommodation.
4. Factors That Affect the PHP to KRW Exchange Rate
Bangko Sentral ng Pilipinas (BSP) Monetary Policy
The BSP sets the Philippines' benchmark interest rate (Overnight Reverse Repurchase Rate). BSP rate decisions influence the peso's attractiveness to foreign investors. When the BSP raises rates to combat inflation (as it did aggressively in 2022–2023), the PHP strengthens, meaning OFW remittances convert to fewer Philippine Pesos — relevant but generally accepted given the inflation-control purpose. BSP rate cuts weaken the peso, which can actually benefit OFW families as their KRW remittances convert to more pesos.
Bank of Korea (BOK) Policy Rate
BOK rate decisions similarly affect the KRW side of the pair. BOK cuts (as seen in late 2024) weaken the KRW against all currencies, meaning each Korean Won buys fewer Philippine Pesos — a negative for OFWs remitting home. BOK rate hikes have the opposite effect, strengthening KRW and improving OFW purchasing power in the Philippines.
Philippine OFW Remittance Flows
Paradoxically, strong OFW remittance flows into the Philippines support the peso. When Philippine Peso demand from remittance conversions is high (holiday seasons, school enrollment periods in April and June), PHP can strengthen temporarily against the KRW and other currencies. December is typically the peak remittance month globally for the Philippines — OFWs send extra money for Christmas (Pasko), creating a seasonal PHP strengthening effect.
Philippines Inflation and Commodity Prices
The Philippines is a net oil importer and major rice importer. When global oil prices spike or domestic rice prices surge (as in 2023 due to El Nino-related shortages), Philippine inflation rises, weakening the peso. This peso weakness actually means OFW remittances in KRW buy more PHP — a silver lining for families receiving remittances, though their domestic purchasing power is eroded by higher prices.
Global USD Movements
Since PHP/KRW is effectively PHP/USD × USD/KRW, movements in the US Dollar index (DXY) have an outsized impact. Dollar strengthening (e.g., during US Fed tightening cycles) tends to weaken both PHP and KRW against the USD, but the relative movement determines PHP/KRW direction. Historically, during strong USD periods, KRW tends to weaken more than PHP when Korean export sentiment is bearish, pushing PHP/KRW higher and benefiting Filipino OFWs converting KRW to PHP.
5. Best Services to Send KRW to PHP (Korea to Philippines)
For Filipino OFWs in Korea, the remittance service you choose can meaningfully change how much your family receives. Here are the top services ranked for the Korea-to-Philippines corridor:
1. Remitly (Best Overall for OFWs in Korea)
Remitly is consistently rated the top remittance service for Filipinos in Korea by OFW communities. Remitly offers very competitive KRW-to-PHP rates, often with promotional zero-fee first transfers and economy rates as low as 0.5%–1.0% all-in. Transfers can be delivered to Philippine bank accounts (BDO, BPI, Metrobank, Landbank, PNB, UnionBank) or directly to GCash wallets. Economy delivery takes 1–3 business days; express delivery (within hours) is available at a small premium. Remitly's Korean app experience is well-regarded by EPS worker communities.
Best for: Regular monthly OFW remittances, GCash wallet delivery, first-time senders (promotional deals).
2. GCash International (Best for GCash Recipient Families)
GCash International (operated by G-Xchange / Mynt) allows Filipinos in Korea to send money directly to a recipient's GCash wallet in the Philippines. The sender registers a Korean phone number, links a Korean bank account or card, and sends in KRW directly to the recipient's Philippine mobile number (registered on GCash). Transfer fees are competitive (typically 0.5%–1.5%) and delivery is near-instant to the GCash wallet. GCash is ideal for families in provincial areas who use GCash for everyday bills, grocery payments, and cash withdrawals at GCash agents.
Best for: Families who actively use GCash in the Philippines, those in provinces with limited bank branches, small frequent transfers.
3. Western Union (Trusted with Wide Cash Pickup Network)
Western Union has an extensive network in Korea (branches at Korean post offices, select banks, and WU agent locations) and an unmatched payout network in the Philippines — every major city, hundreds of rural municipalities, and all Philippine banks. WU cash pickup is available at BDO, BPI, Metrobank, and thousands of local pawnshops (palengke money changers). Fees are higher than Remitly (typically ₩10,000–₩20,000 sending fee) and exchange rates carry a 1.5%–2.5% markup, but the reliability and cash pickup option are valued by workers whose family members don't have bank accounts.
Best for: Families in rural Philippines with limited bank access, situations requiring immediate cash pickup.
4. BDO Kabayan Remit (Dedicated OFW Service)
BDO Kabayan Remit is Banco de Oro's dedicated OFW remittance service, specifically designed for Overseas Filipino Workers. From Korea, senders can use BDO's Korean partner banks or online channels to transfer KRW directly to any BDO Kabayan account (or linked BDO savings account) in the Philippines. BDO Kabayan accounts offer preferential interest rates for OFWs. Fees and rates are competitive with Western Union. BDO has over 1,500 branches across the Philippines for easy family access.
Best for: OFWs whose families already bank with BDO, those wanting to build Philippine savings in a dedicated Kabayan account.
5. LBC Express (Trusted Filipino Brand)
LBC Express is one of the Philippines' most recognized courier and remittance brands, with over 1,000 branches nationwide including provincial areas. LBC Korea partners with Korean agents to process KRW-to-PHP remittances. LBC is particularly trusted by older OFW workers and their families due to brand familiarity. Fees are moderate (competitive with WU) and delivery is to LBC branches nationwide or directly to BDO accounts.
Best for: OFW workers and families who trust the LBC brand, cash pickup in areas with LBC but no major bank branches.
6. Korea to Philippines Transfer Cost Comparison
The table below compares what a Philippine family receives when an OFW sends ₩1,000,000 KRW from Korea using different services (illustrative, based on current mid-market rates):
| Transfer Service | Exchange Rate | Fees (KRW) | PHP Received* | Verdict |
|---|---|---|---|---|
| Remitly (Economy) | Mid-market | ~₩5,000 | ₱39,400 | Best overall |
| GCash International | Mid −0.5% | ~₩5,000 | ₱38,900 | Best for GCash families |
| Western Union | Mid −2% | ₩15,000 | ₱37,100 | Reliable but costly |
| BDO Kabayan Remit | Mid −1.5% | ₩10,000 | ₱37,600 | Good for BDO users |
| Korean Bank Wire (SWIFT) | Mid −3% | ₩25,000 | ₱35,200 | Avoid |
*Illustrative figures based on approximate PHP/KRW mid-market rates. Actual amounts vary by provider, date, and promotional pricing. Always verify current rates before transferring. Philippine receiving bank charges not included.
7. OFW Remittance Tips and POEA Regulations
POEA Mandatory Allotment Rule
Under POEA Rules and Regulations, OFWs with employment contracts of one year or more are required to remit a minimum allotment of 70% of their basic salary to their designated beneficiary in the Philippines. This is not optional — it is a legal requirement for land-based OFWs. For EPS workers in Korea, this typically means the Korean employer's payroll is structured to automatically deduct and remit this portion through an accredited remittance channel. Workers should verify that their designated allotment channel is POEA-accredited.
Using Accredited vs. Informal Remittance Channels
Only use BSP-licensed and POEA-accredited remittance services. Informal channels (e.g., "padala" via trusted individuals, unregistered money couriers) are illegal and unprotected. If an informal courier disappears with your money, you have no legal recourse. All services listed in this guide (Remitly, GCash International, Western Union, BDO, LBC) are licensed by relevant authorities. Always get a receipt or transaction confirmation number for every remittance.
Tax Exemption on OFW Remittances in the Philippines
Under Philippine law (Republic Act 8042, the Migrant Workers and Overseas Filipinos Act), OFW remittances are fully exempt from Philippine income tax. The receiving family member does not pay tax on received remittances regardless of amount. This is a significant benefit — 100% of remitted funds benefit the family with no government deduction.
Best Times to Remit: Seasonal PHP Considerations
- December (Pasko Season): PHP typically strengthens in December as global remittance flows surge. Send earlier in November if possible to lock in better rates before the seasonal demand spike reduces PHP/KRW for OFWs.
- April–May (School Enrollment): Another peak remittance period as Filipino families pay tuition. PHP demand rises; consider sending early March to maximize conversion.
- Mid-Month Transfers: Avoid end-of-month transfers if possible — many OFWs remit simultaneously at month-end creating temporary demand spikes. Mid-month rates are often slightly more favorable.
Building Philippine Savings While Working in Korea
EPS workers in Korea have a unique opportunity to build significant Philippine savings over their 4–10 year employment period. Financial advisors serving OFW communities recommend:
- Opening a Philippine savings account specifically for accumulated remittances (time deposits earn higher interest than regular savings).
- Using Pag-IBIG Fund (HDMF) contributions for housing loan eligibility upon return to the Philippines — Pag-IBIG accepts OFW contributions directly.
- SSS (Social Security System) voluntary contributions while abroad to maintain benefit eligibility.
- Investing a portion of remittances in Philippine government bonds (Retail Treasury Bonds / Premyo Bonds) available through BSP and major banks.
8. Frequently Asked Questions
Q: What is the current PHP to KRW exchange rate?
As of May 15, 2026, the live mid-market rate is approximately 1 PHP = 24.2536 KRW (or 0.0412 PHP per 1 KRW). This rate changes continuously during market hours. Check FXKRW's live PHP/KRW calculator for the most current rate.
Q: What is the best remittance service for OFWs sending money from Korea to the Philippines?
Remitly is consistently the top choice for OFWs in Korea: best rates, delivery to bank accounts and GCash, promotional deals, and a well-regarded app. GCash International is the best option if your family actively uses GCash in the Philippines. Western Union and LBC Express are the best options for families needing cash pickup in provincial areas without bank accounts.
Q: What is the EPS program and how do I apply from the Philippines?
The Employment Permit System (EPS) is a bilateral labor agreement between Korea and 16 countries including the Philippines. To apply, Filipino workers must: (1) pass the EPS Korean Language Test (EPS-TOPIK), administered by POEA in designated centers; (2) register with the POEA-EPS pool; (3) be matched with a Korean employer through the Human Resources Development Korea (HRD Korea) system. The process takes 6–18 months. For information, contact POEA's EPS unit or visit poea.gov.ph.
Q: How much of my salary do I have to remit to the Philippines as an EPS worker?
Under POEA regulations, OFWs on contracts of one year or more must remit at least 70% of their basic salary to their designated allottee. This is the legal minimum — many EPS workers remit 80%–90% of earnings. Your Korean employer's payroll system typically handles mandatory allotment through an accredited channel. Keep copies of all remittance receipts as proof of compliance.
Q: Are Philippine OFW remittances from Korea taxed in the Philippines?
No. Under Philippine law, OFW remittances are fully exempt from Philippine income tax. Your family receives 100% of what you send — the Philippine government does not tax remittance income. This tax exemption applies to all OFWs with valid OWWA membership and POEA documentation, regardless of the amount remitted.
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