Saturday, 2 June 2007

Global Campaign Against High Cost of Remittances:

Advocacy for multibillion dollar remittance industry to adopt Transnational Community Benefits Agreement (TCBA)

Migrant Forum in Asia (MFA) and the Center for Migrant Advocacy (CMA) organized a press briefing on the Global Campaign Against High Cost of Remittances on 23 May 2007 at the Newsdesk in Quezon City, Philippines.
The Global Campaign Against High Cost of Remittances was launched in the United States by immigrant communities including Mexicans, Salvadorians, Somalis, Kenyans and Filipinos asking for the adoption of the “Transnational Community Benefits Agreements” (TCBA). The campaign calls for 1) the reinvestment of $1 per transaction to communities where the company profits; 2) adopt standards of fairness and respect; and 3) abide by corporate social responsibility criteria that promote the human rights of remitters and their families. As a leading competitor in the remittance market, immigrant groups are asking Western Union to set an example by adopting the TCBA. Campaign will also take shape in Asia and the Philippines.
With over 200 million migrants scattered across the globe supporting a population back home, remittances have riveted the attention of national and international governments and businesses alike. The Philippines, with 8 million Overseas Filipino Workers (OFW) living and working abroad, is no stranger to receiving remittances from overseas relatives. While some migrants use transfer services from banks, most used the services of a money transfer agency and charged 8-15% in fees and commissions, resulting in billions of lost income for low-income workers and their families. [Read more]

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