Lower Remittance Fees Beneficial To OFWs

The decision of G20-member countries to lower the remittance fees is beneficial to overseas Filipino workers (OFWs) and other Pinoys abroad.


Remittance

Daniel Featherston, Economic Counsellor of the Australian Embassy in Manila, announced that said decision was made at the recently concluded G20 Summit in Brisbane, Manila Bulletin Online reported.

Another report aired Wednesday evening on ABS-CBN's late night news program Bandila said the remittance cost will be reduced from 8% to 5% of the amount to be sent.

Featherston told reporters that the G20 decision will improve the inflow of remittances to the country by a few billion dollars.

OFW remittances are expected to increase in the last quarter of 2014, especially during the Christmas season.

Because of lower remittance fees, there's a tendency that Filipinos abroad will send more money for their loved ones in the Philippines.

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