A lawmaker on Sunday challenged Philippine-based mobile-money operators to go global and help drive down high remittance charges that have been a burden to overseas Filipino workers (OFWs).
A lawmaker on Sunday challenged Philippine-based mobile-money operators to go global and help drive down high remittance charges that have been a burden to overseas Filipino workers .
“Lower remittance fees will mean higher disposable income for Filipino households dependent on cash from abroad and more money flowing into our economy,” Campos said. The Social Development Goals set by the United Nations include the target to slash remittance costs to an average of 3 percent globally by 2030, Campos said.
Citing Bangko Sentral ng Pilipinas statistics, Campos said OFWs sent home via the banking system a total of $32.5 billion in cash remittances in 2022, up 3.6 percent from $31.4 billion in 2021.
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