06/29 11:06:25 AM
MADRID - The Philippines said Wednesday it is studying all options to effectively reduce the transaction cost of remittances of Filipinos working abroad.
In a statement, Press Secretary Ignacio R. Bunye said concrete plans are under way to strengthen government-private sector linkages to trim down the remittance fees by the banking system.
He pointed out that one specific program under consideration by the Cabinet is the "conversion of the Philippine Postal Bank (PPB) to an Overseas Filipino Workers Bank to serve the welfare of our OFWs."
Bunye said the PPB conversion to an OFW Bank would further strengthen the economic ties between the Philippines and Europe.
He added that President Gloria Macapagal-Arroyo is determined to carry out the remittance fee cut soonest to help the OFWs.
Former Labor and Employment Secretary Patricia Sto. Tomas placed the prevailing bank charges on OFW remittances at 8 percent. This is much higher than the fees charged by Mexican banks on foreign remittances of Mexican overseas workers of only 2 percent.
Sto. Tomas told a press briefing that a number of banks are jockeying to serve as conduits of OFW remittances, adding that the government was considering opening the remittance program to a Swiss challenge to ensure that overseas remittances are coursed through banks charging the lowest fees.
http://www.philstar.com/philstar/NEWS_FLASH062920068566_14.htm
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