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 and UAE agreed to connect their payment systems, potentially making remittances faster and cheaper for OFWs and their families.
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