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OFW remittances fee will be disclosed by Senator Revilla's bill

   Last Wednesday, Senator Bong Revilla Jr. filed a bill for OFW Remittance fees or Remittance Act 2019 ( Senate Bill 438) will mandatorily disclose from the authorized money sender.

   According to Philippine Statistic Office, the remittances sent by OFW from April to September last year was Php 235.9 billion in total.

45% of OFW transferred their money through remittance services while 52.8% transfer their money directly to the banks and the remaining 2% send their money through agencies said PSA.

  Last October 15, The Bangko Sentral ng Pilipinas said that the remittances send from OFW  went higher in the month of August by 4.2% equivalent to $2.87 billion than $2.76 billion from last year.

  If the bill of Revilla's will be approved the remittance agencies and companies will follow the standards from Bangko Sentral ng Pilipinas, The Department of Trade and Industry, BIR and Securities and Exchange Commission.

 This bill will also include the penalties for authorized agents and companies who will not follow the standard rate fees and will be charged with an imprisonment of 6 to 10 years with fine of Php 200,000 to Php 1 million.

  According to Revilla, this bill will protect the interest of OFW's to give them an assurance that their hard work will be valuable and their families will receive a right amount of their salary from the remittances or companies where they send their money.

“These OFWs dedicate all their labor and sacrifices for the betterment of their families. Their salaries, wages or earnings that they send home are products of love and hard work,” said  Revilla.

“Recognizing the valuable contribution of our OFWs in our economy, this measure seeks to protect the hard earned money of our OFWs. It requires the disclosure of charges and fees that would be paid for sending their money through remittance agents and companies. Likewise, it penalizes price gouging or the exorbitant charging of fees for the transactions being made,” he added


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