House Committee on Banks and Financial Intermediaries vice-chair Henry Ong has urged bank and remittance centers across the country to improve their online remittance service for overseas Filipino workers (OFWS) who send money to the Philippines.
Ong specifically called on Land Bank of the Philippines to “act fast” as the peak months, November-December, for remittances are coming.
“I also call upon the Land Bank of the Philippines, the government’s official depositary bank and proponent of the Overseas Filipino Bank, to lead the way in serving Filipinos abroad. Prioritize Saudi Arabia, Kuwait, Qatar, and Australia,” he said.
This was in response to the report that remittance record fell in September, with cash remittances coursed through banks down by 8.3 percent to USD 2.19 billion last September from USD 2.38 billion in the same period last year.
“I am urging the Philippine banking and remittance sectors to step up and step forward to address this gap. Open more service facilities, extend banking hours, improve your online remittance services, and forge new remittance relationships with money transfer agencies overseas,” Ong said.
The biggest declines in cash remittances in September were Saudi Arabia, followed by Kuwait, and Australia, as per the Bangko Sentral ng Pilipinas.
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