Gov't bats for lower remittance fees in bank for OFWs


Posted at Oct 12 2017 03:37 PM

MANILA - The government hopes to bring down remittance costs for overseas Filipinos when coursed through a new bank that was created just for them, Labor Secretary Silvestre Bello said Thursday.

Overseas Filipino workers will also get one board seat in the lender, a spin-off of the Philippine Postal Savings Bank after it was acquired by Land Bank of the Philippines.

"The intention, at least, it will be a cheaper remittance fee," Bello said.