Government banks urged to slash remittance rates

GOVERNMENT- OWNED banks should lower its remittance charges this Christmas season, a House leader said on Saturday.

Rep. Joseph Victor Ejercito of San Juan City, chairman of the House Committee on Metro Manila Development, noted that such move would enable overseas Filipino workers ( OFWs) to save significant amount for the benefit of their family members who receive the remittances.

“As a way of saying thanks and a Christmas gift to our OFWs, let us spare them from the high remittance fees this holiday season, so that their families here in the Philippines can receive their remittance almost in full,” Ejercito pointed out.

Remittances from Filipino migrant workers pick up in November and December because of the Christmas season, where prices of basic commodities are expected to climb.

Based on World Bank records, P6.5-billion worth of remittances was sent to the Philippines in the last two months of 2011, making the Philippines the fourth leading country in global remittances with over $23 billion remitted last year.

“Our economy has benefited much from the billions of dollar remittances sent by OFWs. This is the best time of the year when we can make overseas Filipino workers feel appreciated for their hard work,” Ejercito added.

Likewise, the San Juan lawmaker also urged privately owned banks to be benevolent this Christmas season to follow suit in cutting down service fees on remittances of OFWs.