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I MONDAY JUNE 17,2OL9

HE ACTS-OFW partylist haS said *'BHJ:l|il:':f

while the G20 has committed to

that philippine uintJ and their foreign

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correspondence are tak$g'unreasonably :*fi,Ti:l*H'#ilffiYh3;
high cuts'out of the cash wired home by migrant ."""v"*".rti"h;." (Mro;
-
Filipino workers. and mobile money service provid-
q#U{'"''"u,, offices
ACTS-OFW Rep, Aniceto Bertiz source of income for millions of Fil- charged an average of 7.26 per-
III this wouldmeanthatFilipino work- ipipo families, and a kpy driver of cent in remittance fees in the first
ers are now projected to pay $3.2B in national economic growth, accord- quarter', while M"tOs such as Th,e
bank remittance fees this year, to send ing to Bertiz. Western Union Co. and Money:-
horne $29.8 billion in casl{. "If we can get banks to slash their Gram Intemational Inc. collected
. Citing the World Banfr's periodic rernittance prices by one-half, this an average of 6.06 percent.

, Remittance Prices Woddwide .Re- lvog(,.m,gan an ex-@ ,$1,,6 billio4 .., ,"Vo!ilg money". service
pro-
port, Bertiz said that in the frst quar- (P83.2 billion) flowini; into low- irnd viders remained the cheapest,
ter of2019, banlcs rentained the most middle-income Filipino households charging an average of only 2.92
expensive type of service provider, and into the economy," Bertiz said. percent, Bertiz said.
charging an average of 10.90 percent The additional P83.2 billion every The Philippines ranks No. 4
of the amount sent year would go a long way in enabling among the world's top five remit-
"We expect OFWs to send home an millions of remittance-dependent Fili- tance recipients, receiving an esti-
aggregate of$29.8 billion in cash via pino families to acquire new homes, mated $34 billion in 2018, accord-
tho banking system this year, up three send their children to college, buy ing to tlie World Bank. The amount
porcont ftom $28,9 billion in 2018," health and life insurance protection! includes eome $5 billion coursed
Bcrtiz said, or to start small entorprises, Bertiz through non-bank channele.
l'To fansfer the entire $29,8 bil- pointed out. The other top remittance re-
home. OFWs will be fo*ing
lion home, out
forkins out The United Nations has a social cipients cioients in 2018 were India ($79
10.90 percent, or some $3.2 billion, to development goal to reduce the global billion), China ($67 billion),
pay for bank fees," Bertiz said. average price of a remittance to just Mexico ($36 billion) and E[ypt
Remittances represent a huge three percent of the amount sent, ($2t billion).

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