House panel pushing measures to reduce cost of remittances

REUTERS

LEGISLATION to bring down the cost of remittances sent by overseas Filipino workers (OFWs) will be the House Committee on Overseas Workers Affairs’ priority, the panel’s chairman said on Tuesday.

Committee members aim to draft measures “that will support the efforts of the government in lowering the remittance charges (on) OFW funds,” KABAYAN Party-list Representative Ron P. Salo said in a statement.

Last week, the committee considered various bills calling for OFW protections and reduced remittance costs.

The Bangko Sentral ng Pilipinas estimates remittances at $2.72 billion in August, against $2.60 billion a year earlier.

The total for 2021 sent through banks was $31.418 billion, he said, which is “expected to further increase this year.” — Matthew Carl L. Montecillo