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...
From left: Jose Luis Reyes, VP - Head of Enterprise & Public Sector, GCash; Winsley Bangit, Chief Customer Officer, GCash; Ambassador Philippe Jones Lhuillier, Chairman and Founder, Cebuana Lhuillier; Filemon Cabungcal, Chief Financial Officer, Cebuana Lhuillier; and Stephen Yap, Head of...
Mindful of his father's legacy, Davao City 1st district Rep. Paolo Duterte is pursuing the passage of a bill that would provide overseas Filipino workers (OFWs) discounted rates on remittance fees. Davao City 1st district Rep. Paolo Duterte (left) and former president Rodrigo Duterte (Rep....
Senator Cynthia Villar has filed Senate Bill (SB) 1014, or the "Overseas Filipino Workers (OFWs) Remittance Protection Act", for the purpose of protecting the money remittances of Filipino migrant workers. Villar, a known advocate of OFWs, has been crafting measures to ensure the protection and...
Four-term Senator Loren Legarda is pushing for the protection of Overseas Filipino Workers' (OFW) money remittances. “The money remitted by OFWs to their beneficiaries in the Philippines goes through intermediaries or financial institutions. In the course of transfer, the amount supposedly...
Outgoing Foreign Affairs Secretary Teodoro Locsin Jr. paid tribute to the millions of Filipino migrant workers for their crucial contributions to their families and to the country during the International Day of Family Remittances on Tuesday, June 28. Overseas Filipino workers (Photo by Ariel...
