The Philippine Department of Finance is exploring collaborations with payment platforms Swift and Revolut to lower remittance fees for Overseas Filipino Workers (OFWs), aiming to increase the value of funds sent home.
The Department of Finance (DOF) of the Philippines is currently engaging with international financial service providers, including Swift and Revolut, to develop more affordable remittance channels for Overseas Filipino Workers (OFWs). Remittances constitute a significant portion of the Philippine economy, and efforts to reduce transfer costs are intended to maximize the money received by families back home. By leveraging digital finance platforms and correspondent banking networks, the DOF aims to improve efficiency, reduce transaction fees, and enhance the overall experience for migrant workers sending money abroad. This initiative aligns with the government’s broader objective to bolster economic development and provide financial inclusion benefits to OFW families. The DOF is also consulting with various stakeholders to ensure regulatory compliance and security in remittance processes. As these collaborations progress, Filipino migrant workers can anticipate more cost-effective and convenient solutions for supporting their families.
Sources referenced:
- https://newsbytes.ph/2024/06/21/dof-explores-cheaper-ofw-remittances-with-swift-revolut/