The call to cut the remittance fee is long overdue. The greedy Philippine banking industry has been abusing the OFWs for a very long time by charging them excessive remittance fees. This has to change. Finance Minister Margarito Teves said in an interview that the government is considering cutting off remittance fee of OFWs. It’s not enough that the government is considering the idea of cutting the remittance fees. They should not just consider the idea but implement it. Banks should also be punished for being too greedy for profit.
An ordinary Saudi based OFW would pay the range of SR 15-30 for transfer fee plus another Php 150 (Province) or Php 50 (Manila).
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