By Sam Yu
MANILA — The government is pursuing measures to make overseas remittances cheaper and more efficient as part of broader efforts to improve financial services for Filipino workers abroad.
Finance Secretary Frederick Go said the Department of Finance is working closely with banks, fintech companies, and technology experts to identify solutions that could reduce remittance costs without compromising security.
He noted that many overseas Filipinos currently pay high transfer fees, with charges reaching up to 10 percent in some transactions.
“These are the fruits of the hard work and sacrifices of our overseas Filipinos. We should find ways to lessen the burden of high remittance charges,” Go said.
The department is considering digital payment innovations, including the possible use of stablecoins like USDT to facilitate currency conversion during international transfers.
Go said consultations are continuing and no policy has yet been finalized, as the government continues gathering feedback from financial institutions.
Officials believe more affordable remittance services would enable overseas workers to send a greater share of their earnings home while supporting financial inclusion and encouraging greater use of digital banking.
The DOF also cited recent initiatives by banks to eliminate selected transfer fees as evidence that the financial sector is moving toward more consumer-friendly digital services.
Remittances remain a key contributor to the Philippine economy and an essential source of income for millions of households.
elamigo/
