Senate President Francis "Chiz" Escudero on Wednesday, March 26 urged overseas Filipino workers (OFWs) supporting former president Rodrigo Duterte to think carefully with their plan before staging a "zero remittance week." Escudero warned that not only would it affect Philippine economy, but more...
Malacañang has reminded overseas Filipino workers (OFWs) that the government is not an enemy but an ally, telling them to be sensible enough over the planned zero remittance week of OFWs— an act of support for embattled former president Rodrigo Duterte. PCO Undersecretary Claire Castro...
Filipinos receiving and sending money from overseas lost an estimated total of ₱8.37 billion in 2023 to "hidden" fees charged by banks and money remittance centers on foreign currencies, according to findings from transparency research commissioned by global fintech firm Wise. Kristo Käärmann,...
Cash remittances to the Philippines, which bolster consumer spending and the domestic economy as a whole, are at risk to be slashed by stricter immigration control and a clampdown on illegal migrants by US President-elect Donald J. Trump. In a Nov. 18 report, Capital Economics deputy chief...
More Filipinos living abroad are choosing digital methods to send money back to the Philippines, with a focus on supporting education as the main reason for these transactions, a Visa report showed. Based on the “Money Travels: 2024 Digital Remittances Adoption Report”, 75 percent of Filipinos...
As the Philippines enjoys among the lowest remittance fees, this year's growth of money sent back home by Filipinos working and living overseas will rebound to outpace last year's slowdown, according to the World Bank. In its Migration and Development Brief 40 titled "Remittances Slowed in 2023,...
Remittances up 2.7% to $3.15 B in January Personal remittances from Overseas Filipinos (OFs) went up 2.7 percent to $3.15 billion in the first month of 2024 from the $3.07 billion registered in the same month last year. The Bangko Sentral ng Pilipinas said the increase in personal remittances in...
(MANILA BULLETIN) The House Committee on Ways and Means approved on Tuesday, Feb. 13, a bill aiming to grant a 50 percent discount on fees related to the remittances that overseas Filipino workers (OFWs) send home to their families in the Philippines....
Increased cost, more stringent requirements, and riskier disapprovals are awaiting the remittances of overseas Filipino workers (OFWs) if the Philippines is blacklisted by the Financial Action Task Force (FATF), a global anti-money laundering task force, the country’s Anti-Money Laundering...
The implementation of financial literacy programs would help overseas Filipino workers (OFWs) maintain their financial resources over the long term, particularly as many of them are aiming to retire early, a study by the Philippine Institute of Development Studies (PIDS) revealed. In a study titled...
The sale of and lease rentals from state-owned properties brought in P1.2 billion to the Bureau of the Treasury this year, according to a report by the Department of Finance (DOF). Data from the DOF showed that the Privatization and Management Office (PMO) exceeded its target this year by 84.6...
Remittances are a powerful force for good in the developing world. These are the money that migrants send home to their families in their home countries. They are a significant source of income for many developing countries, and can play a big role in economic growth. Sadly, even though global...
