Less remittance fee is what we need

21 Jun

The Bangko Sentral ng Pilipinas (BSP) has approved the lifting for six months of the service fee that banks pay to facilitate remittances from Filipinos overseas using the central bank’s Philpass system. Read PDI’s Bank service fee lifted for OFW remittances

The people who keep the Philippine economy afloat are the same people who are badly affected by the appreciation of peso. In fact, more and more OFWs can notice that their hard-earned remittances have lesser value as peso continues to appreciate while dollar/euro devaluates. This is one of the reasons why some militant groups have been lobbying for the abolition of remittance fees, and to call the attention of the Philippine government some even declared a zero remittance day. Daniel Infante Tuaño

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