Philippines: Remittance cost going down, says central bank

nquirerLast updated 05:06am (Mla time) 06/07/2007
MANILA, Philippines -- The cost of sending foreign exchange through banks has gone down with the adoption of advanced technology, the central bank, Bangko Sentral ng Pilipinas (BSP) said in a primer on matters concerning overseas Filipino workers.
The BSP noted a substantial reduction in the cost of transferring money to the Philippines from the United States, the United Kingdom, Hong Kong and Singapore.
“Remittance companies heeded the call of the BSP to make the delivery of remittances faster, safer and more efficient. Remittance channels have improved because of the adoption of advanced systems and new technologies,” it said. [Read more]