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                    [Summary] => Overseas Filipino Workers or OFWs are called the country’s new breed of heroes, who last year collectively helped shore up the country’s economy by sending $8.5 billion in remittances. Yet for every remittance they make, as much as 13.5 percent is charged by banks for transaction fees, one of the highest in the world and described by a recent IMF study as "a bit steep." A separate study by the US State Department revealed that global transaction costs range from $15-$26 for a typical $200 remittance. That’s why Sen.
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Cut OFW remittance charges

By S.A. Maguire | May 31, 2005 - 12:00am

Overseas Filipino Workers or OFWs are called the country’s new breed of heroes, who last year collectively helped shore up the country’s economy by sending $8.5 billion in remittances. Yet for every remittance...

Business