- Overseas Filipino workers (OFWs) could keep more of their hard-earned money if the government succeeds in lowering international remittance fees to around 2%, from the current global average of 6.3%.
- Finance Secretary Frederick Go is pushing for cheaper transfers to the Philippines, saying lower fees and fairer exchange rates would help more of every remittance reach Filipino families.
- Go met with representatives of Swift and Revolut in Bangkok, Thailand, during the 2026 annual meetings of the International Monetary Fund and the World Bank to discuss ways to make cross-border payments faster, cheaper, and more transparent.
Overseas Filipino workers (OFWs) could keep more of their hard-earned money if the government succeeds in lowering international remittance fees to around 2%, from the current global average of 6.3%.
Finance Secretary Frederick Go is pushing for cheaper transfers to the Philippines, saying lower fees and fairer exchange rates would help more of every remittance reach Filipino families.
DOF explores partnerships to cut remittance costs
Go met with representatives of Swift and Revolut in Bangkok, Thailand, during the 2026 annual meetings of the International Monetary Fund and the World Bank to discuss ways to make cross-border payments faster, cheaper, and more transparent.
Swift operates a financial messaging network used by banks and other financial institutions worldwide, while Revolut provides digital financial services, including international money transfers.
The discussions included potential partnerships with banks and payment providers in major remittance markets, as well as connecting existing payment systems so money can reach Philippine bank accounts and e-wallets more quickly and at lower cost.
Go said the government wants OFWs to face fewer charges when sending money home, especially after receiving complaints from Filipinos abroad who reported paying between 8% and 10% in transfer fees.
Remittances dip in August
The push comes as cash remittances sent home by Filipinos abroad fell to $3.03 billion in August, the lowest monthly level in three months, based on Bangko Sentral ng Pilipinas data.
Despite the monthly decline, cash remittances reached $23.42 billion from January to August. The BSP projects full-year cash remittances at $36.6 billion.
The DOF's efforts also build on its push to lower domestic digital transfer fees. Land Bank of the Philippines introduced a pilot fee reduction in June and made it permanent in July, while other banks and digital wallets also reduced or removed charges on selected domestic transfers.
Overseas Filipino Bank, Landbank's digital banking arm, also stopped charging for InstaPay transfers made through its mobile app starting July 7.
If international transfer fees fall closer to the government's 2% target, OFWs and their families could receive more of each remittance without increasing the amount sent.