IKOT.PH
Senator Cynthia Villar filed Senate Bill No. 1014 or the “Overseas Filipino Workers (OFWs) Remittance Protection Act” which seeks to protect the remittance of our migrant workers. A known advocate of OFW, Villar has been crafting measures to ensure the protection and welfare of OFWs while working abroad, as well as their families. In filing […]
Holding banks accountable for the actions of their cash agents will provide better protection for consumers, especially those who rely on the “padala” of their relatives to help them get by during these trying times. Senator Grace Poe said the central bank’s push for financial inclusion will benefit from the necessary safeguards and encourage more […]
Senator Grace Poe said financial institutions such as banks and money transfer companies as well as regulators should do more to protect the remittances of overseas Filipino workers (OFWs). The latest Consumer Expectations Survey of the Bangko Sentral ng Pilipinas (BSP) showed that 96 percent of households that receive remittances spend it on food and […]
Senator Grace Poe asked the Anti-Money Laundering Council (AMLC) to give the Senate a written report on the efforts and challenges it is facing in a bid to strike the Philippines off the Financial Action Task Force’s (FATF) grey list. “We expect a substantial update from the AMLC on the concrete steps and direction we […]
The Philippine government is still hoping for record-high cash remittances from overseas Filipino workers (OFWs) despite the coronavirus disease (COVID-19) outbreak as it remains uncertain when the outbreak can be contained. Cabinet Secretary Karlo Nograles said OFWs are still expected to remit a record-high $34.2 billion (P1.74 trillion) to the country this year. In 2019, […]