Cash remittances reached $3.03 billion in August, the lowest monthly level in three months, as the peso weakened and global uncertainties weighed on overseas Filipino workers.
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Finance Secretary Frederick Go wants international remittance fees lowered to around 2%, aiming to help OFWs send more money home as August remittances dip.
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The Department of Finance discussed a possible Philippine presence with Revolut, as the government seeks cheaper cross-border transfers and more accessible digital financial services for OFWs.
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The Philippines had the highest remittance-to-GDP ratio among the 40 biggest global economies in 2024, highlighting the significant role money sent home by overseas Filipinos plays in the local economy. Personal remittan
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The Philippines and UAE agreed to connect their payment systems, potentially making remittances faster and cheaper for OFWs and their families.
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Wise customers abroad can now receive Philippine pesos through InstaPay and PESONet, while also using QR Ph to pay local merchants directly from their Wise balance.
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The House of Representatives is urging banks and remittance centers to lower or waive transaction fees, as some digital banks already offer zero-fee transfers.
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GCash is waiving international transfer fees from the Philippines to the UAE, Saudi Arabia, Qatar, and Oman until April 30, 2026, with no minimum transfer amount.
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