Malacañang said the ongoing tensions between Israel and Iran has so far no impact on the remittances of overseas Filipino workers (OFWs). Palace Press Officer and Communications Undersecretary Claire Castro said the Department of Finance (DOF) has seen a limited effect to the remittances coming...
Cash sent home by Filipinos working and living overseas continued to increase in April, Bangko Sentral ng Pilipinas (BSP) data showed, reflecting stable global employment abroad. Money sent in by overseas Filipinos (OFs) increased by four percent to $2.7 billion in April from $2.6 billion in the...
Over 70,000 Filipinos working and residing in South Korea will soon gain easier access to financial services as Philippine-based ADVANCE.CBP has partnered with Korea Credit Bureau (KCB) to enable the use of Philippine credit data abroad. According to a statement released on Tuesday, June 3, the...
The proposal to tax outbound remittances of non-United States (US) nationals would slash Philippine inflows by as much as $476.5 million or over ₱26 billion per year, according to estimates from the Washington-based Center for Global Development (CGD). In a May 28 blog post, CGD experts Helen...
Money sent home by Filipinos working and living in the United States (US) is seen at risk from the remittance tax proposal pending in the US Congress, according to the think tank Capital Economics. "The proposed five-percent US tax on remittance outflows would have a particularly large negative...
Efforts by supporters of former President Rodrigo Duterte to disrupt overseas remittance flows through a self-declared “no remittance week” in March failed to dent inflows, as cash sent home by Filipinos rose by 2.6 percent that month, data from the Bangko Sentral ng Pilipinas (BSP) showed....
Dutch financial giant ING expects the Philippine peso to depreciate against the United States (US) dollar in the near term as the US President Donald Trump-led global trade war rages on and the domestic economy weakens. "We look for the Singapore dollar and Philippine peso to underperform in a...
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...
