The Bangko Sentral ng Pilipinas (BSP) will work with the Department of Foreign Affairs (DFA) to address the plight of overseas Filipino workers (OFWs) in Russia who are having trouble sending remittances to the Philippines.
The cross-border remittance hiccup resulted from economic sanctions of some Western and European countries to Russia due to its aggression against Ukraine.
BSP Governor Benjamin Diokno said that he has instructed central bank officials to coordinate with embassies to help OFWs in Russia get better access to financial services, reported the Business Mirror.
Earlier Russia’s banking system was sanctioned and excluded from world transfer channels after it invaded Ukraine.
The Philippine Embassy in Moscow said major banks in Russia have been heavily impacted by the sanctions.
Diokno said OFWs can send remittances through channels that do not use financial institutions headquartered in countries that impose sanctions against Russia.
