REMITTANCE firms in the country must be regulated under the Bangko Sentral ng Pilipinas (BSP) to ensure that overseas Filipino workers are charged reasonably in sending money to their loved ones in the Philippines.
Sen.Edgardo Angara stressed this point amid BSP projections of slower growth in remittances the first quarter of 2009 brought about by the global financial crisis.
He earlier filed a bill seeking to amend the BSP charter. Through the amendments the Central Bank can use transparency mechanisms that can give it more teeth to supervise formal and informal remittance firms. This in turn shall protect OFWs from usurious practices in money transfer. Read more
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