Monday, 6 August 2007

Philippines: OFWs hit govt for remittance rule

Overseas Filipino workers are up in arms over the government's proposal for them to send their remittances solely through the Philippine Postal Savings Bank, learned Wednesday.

"Yes it (government) is willing to give us a special rate, provided we course our remittances through their favorite Postal Saving Bank," said Francis Oca in an e-mail from Riyadh, Saudi Arabia.

Oca, a certified public accountant who has beenin Riyadh for the last 23 years, said he feels insulted by the proposal.

Oca questioned a proposal by Malacañang that was backed by President Arroyo's economic managers to allocate $1 billion in funding to exporters for a preferential peso-dollar exchange rate.

The proposal came amid the continued improvement of the peso against the US dollar. From 56 in September 2005, the peso now averages at 45:$1. [Read more]

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