Lower remittance fees for OFWs
A new remittance system that will allow for a safer, faster and cheaper remittances by OFWs (overseas Filipino workers) will be implemented by the Bangko Sentral ng Pilipinas (BSP) starting on the third quarter of the year.
This is the new Philippine Payments and Settlements System or Philpass Remit System. Under this new system, the fee will be reduced to P50 per remittance transaction, resulting to savings of P100 to P500, as the current system charges ranges from P150 to P550.
BSP said the Philpass Remit System ensures safer, faster and cheaper means of remittance transaction.
The system involves the use of the BSP-Philpass as the local clearinghouse for the transfer of remittances from a local bank to another bank where the OFW beneficiary maintains an account.
This project was undertaken jointly by the BSP with the Association of Bank Remittance Officers Inc. (ABROI) through a memorandum of agreement signed last December.
The scheduled implementation of the project was supposed in the first quarter of the year, however, only one bank was able to migrate to the new system since the MOA was signed.
The central bank said they will need to wait for the other member banks to resolve their issues on hardware and system connectivity, so they can finally migrate before the new remittance system will be fully operational.
May 25, 2010
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Tags: Business, finance, money, OFWs, Philpass, remittances В· Posted in: Announcement, banking, Consumers, economy, finance, Government, money, OFWs, Philippine business news, Philippines
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