Davao City First Congressional District Representative Paolo Duterte is seeking the swift enactment of a law that would provide overseas Filipino workers (OFWs) discounted rates on remittance fees …
Davao City First Congressional District Representative Paolo Duterte is seeking the swift enactment of a law that would provide overseas Filipino workers discounted rates on remittance fees and safeguard their hard-earned money sent back home from excessive charges.
“The billions of dollars in remittances sent home by our OFWs, who we consider modern-day heroes, have always been one of the country’s major economic drivers. The money they send home helped the country ride out the economic shock triggered by the COVID-19 pandemic. It is important that we protect their hard-earned earnings,” Duterte said.
Duterte pointed out that this hefty reduction in OFW remittance fees is possible and can even be lowered further with the use of technology, as shown by the innovations done by financial technology developers who use mobile apps and other digital platforms to offer zero transaction fees and reasonable foreign exchange rates in processing remittances.
Duterte noted that the OFBank not only offers 24/7 availability but also shields OFWs from ludicrous foreign exchange rates and unreasonable remittance fees by offering zero charges on transfers between OFBank accounts and Land Bank of the Philippines accounts. OFW remittances rose 3.8 percent year-on-year in September 2022 alone to USD 2.84 billion, according to data from the Bangko Sentral ng Pilipinas .
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