A new group — the Remittance for Development Council (ReDC) — was recently formed to find ways to make the sending of remittance easier for overseas Filipino workers (OFWs).
The Bangko Sentral ng Pilipinas (BSP) and the Commission on Filipinos Overseas (CFO) signed an agreement in March creating the ReDC.
A statement released by CFO said the ReDC was "an advisory and policy-recommending body that will help organize and optimize the channeling of individual and collective remittances for national and local development.”
Local remittance agent ERCOF, a member of ReDC, listed on its website some of the tasks of the newly-formed council:
- to serve as a forum for issues regarding remittances from overseas Filipinos;
- to find ways to reduce remittance charges and fees;
- to work with public and private organizations in providing financial literacy programs for overseas Filipinos and their families, and
- to help collect data for the formulation of remittance-related policies.
The OFW remittances posted last year reached a new record high at $20.12 billion, or 7.2 percent higher than 2010’s $18.763 billion.
Money transfers from overseas Filipinos accounted for about nine percent of the country’s gross domestic product.
According to ERCOF, through the establishment of the ReDC, the Bangko Sentral was showing its “strong commitment to create a financial environment that is more OF-friendly (Overseas Filipino-), ensures the smoother inflow of remittances, and promotes the use of convenient and secure channels in the financial sector.”
Meanwhile, OWWA Secretary Imelda Nicolas noted that through ReDC, the remittances of overseas Filipinos will be more properly used through cooperatives, microfinance, migrants' savings and investments programs, and social enterprises.
“These remittances will be our tool in transforming several underdeveloped areas in the country into vibrant communities,” she said.
BSP Governor Amando Tetangco noted that ReDC will aide the Filipino family in learning ‘financial independence’ which will in turn help the economy to achieve a “balanced, sustained and inclusive growth.”
Aside from ERCOF, the other groups comprising the ReDC are the:
- National Economic and Development Authority,
- United Nations Development Program,
- Western Union Foundation,
- Association of Bank Remittance Officers,
- Atikha,
- ERCOF,
- TIGRA,
- Microfinance Council of the Philippines, and
- CBMS Network .
According to CFO’s 2010 stock estimates, there are 9.452 million OFWs worldwide.
About 4.423 million Filipinos abroad (or 47 percent) live permanently outside the country, while 4.324 million (or 45 percent) OFWs are residing abroad temporarily.
Some 704,916 (or eight percent) of Filipinos overseas are considered as improperly documented.
Source: gmanews.tv
The Bangko Sentral ng Pilipinas (BSP) and the Commission on Filipinos Overseas (CFO) signed an agreement in March creating the ReDC.
A statement released by CFO said the ReDC was "an advisory and policy-recommending body that will help organize and optimize the channeling of individual and collective remittances for national and local development.”
Local remittance agent ERCOF, a member of ReDC, listed on its website some of the tasks of the newly-formed council:
- to serve as a forum for issues regarding remittances from overseas Filipinos;
- to find ways to reduce remittance charges and fees;
- to work with public and private organizations in providing financial literacy programs for overseas Filipinos and their families, and
- to help collect data for the formulation of remittance-related policies.
The OFW remittances posted last year reached a new record high at $20.12 billion, or 7.2 percent higher than 2010’s $18.763 billion.
Money transfers from overseas Filipinos accounted for about nine percent of the country’s gross domestic product.
According to ERCOF, through the establishment of the ReDC, the Bangko Sentral was showing its “strong commitment to create a financial environment that is more OF-friendly (Overseas Filipino-), ensures the smoother inflow of remittances, and promotes the use of convenient and secure channels in the financial sector.”
Meanwhile, OWWA Secretary Imelda Nicolas noted that through ReDC, the remittances of overseas Filipinos will be more properly used through cooperatives, microfinance, migrants' savings and investments programs, and social enterprises.
“These remittances will be our tool in transforming several underdeveloped areas in the country into vibrant communities,” she said.
BSP Governor Amando Tetangco noted that ReDC will aide the Filipino family in learning ‘financial independence’ which will in turn help the economy to achieve a “balanced, sustained and inclusive growth.”
Aside from ERCOF, the other groups comprising the ReDC are the:
- National Economic and Development Authority,
- United Nations Development Program,
- Western Union Foundation,
- Association of Bank Remittance Officers,
- Atikha,
- ERCOF,
- TIGRA,
- Microfinance Council of the Philippines, and
- CBMS Network .
According to CFO’s 2010 stock estimates, there are 9.452 million OFWs worldwide.
About 4.423 million Filipinos abroad (or 47 percent) live permanently outside the country, while 4.324 million (or 45 percent) OFWs are residing abroad temporarily.
Some 704,916 (or eight percent) of Filipinos overseas are considered as improperly documented.
Source: gmanews.tv
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