PH banks' remittance units in the US shutting down

ABS-CBN News

Posted at Dec 04 2014 10:17 AM | Updated as of Dec 04 2014 06:17 PM

 

MANILA, Philippines - Several remittance units of Philippine banks in the US and other countries are shutting down, due to rising costs and stricter regulations.

The Association of Bank Remittance Officers says this could force millions of overseas Filipinos to go to foreign commercial banks, which charge double the usual average transfer fee of $12 to $14.

But the Bangko Sentral ng Pilipinas says there are other service providers overseas Filipinos can go to.

"Ang remittance agents na yun, at ibang service providers, sila ang makakapagpatuloy sa pagpapadala ng pera kung nakaka-problema sa bangko," BSP deputy governor Diwa Guinigundo said.

The BSP also says December remittances won't be affected, as the changes will only be felt next year.

Money sent by overseas Filipinos boost domestic consumption, which is the largest driver of the economy. - ANC