The Philippine government aims to reduce the cost of money transfers for Overseas Filipino Workers (OFWs) to 2%, seeking to increase the value of remittances sent home and support migrant workers' families.
The Philippine government is actively pursuing measures to lower remittance transfer fees for Overseas Filipino Workers (OFWs) to a target rate of 2 percent. This initiative is intended to ease the financial burden on Filipino migrant workers abroad, who regularly send money back to their families in the Philippines. Remittances remain a vital source of income for many families and contribute significantly to the country’s economy. By reducing transfer costs, the government hopes to maximize the actual amount of funds received locally, thereby enhancing financial inclusion and economic resilience among recipients. This move aligns with ongoing efforts to improve financial services and support OFWs, who face various challenges while working overseas. Stakeholders including remittance service providers and financial regulators are expected to collaborate in implementing strategies to reach this target transfer cost.
Sources referenced:
- https://news.google.com/rss/articles/CBMijwFBVV95cUxOV3dKZFg3Z28tUUhIbHM2TjdLbTFRZk1KRHNva2dyUFFpX2FhNjJlY29CYUwxaGRQWEk1akM1SVVpLUhTcWl2cHh6NzF3Y2NlODZ0Z09LVzFoZUZBenZVUWV2VlpXMWJGX095akVNZ2plZl9VczFiV1EtMWlkTkRmbV9NT3plR2ZqMmRCQ05sWQ?oc=5
