Good read for #OFWs re: transaction cost of remittances. OFWs won a party-list seat last mid-terms elections, if I am not mistaken. Make sure reps for those congressional seats will make this a priority for you guys. Various Filipino organization overseas should be having a dialogue - global hang-out, video conferences - discussing what you guys can do to put more pressure on the government for your protection about issues like this. ---- A large proportion of the money is drained away by the transaction costs of sending money internationally. Given the typically low incomes of migrants and the small amount of each remittance transfer, too much is being spent on these transactions -- Globally, remittance prices average 9% of the sum being transferred. When migrants send $200 home, for example, the transaction cost is an average of almost $18. These costs should be lower. In some regions of the world, they are indeed lower... Even more staggering is the fact that for some migrants, the cost of sending money home is more than 20%.This is a serious issue for the development community because it takes money away from the worlds poorest. ... (excerpt)
Posted on: Sat, 23 Nov 2013 02:19:50 +0000
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