Tuesday, February 19, 2019

Feb 10 19, 1:08 pm

Dubai residents urged to participate in Car-Free Day

The Dubai Municipality urged residents to leave their vehicles parked on February 24 and opt to use public mode of transportation in celebration of the annual “Car-Free Day”. In a tweet, the Dubai Municipality encouraged residents to walk, bike, or use public...

Scaffolding collapses in Abu Dhabi

The Abu Dhabi Municipality confirmed that a scaffolding collapsed at a building demolition site on Monday, February 18. The Abu Dhabi Crisis Management Team, Abu Dhabi Police, Department of Urban Planning and Municipalities, and the Department of Transport,...

Tricycle driver accused of raping Irish tourist in Palawan

A tricycle driver in El Nido, Palawan was accused of raping a 21-year-old Irish tourist on Wednesday night. The victim said that the 39-year-old tricycle driver, who was identified as Perry Gaspe, took advantage of her when she was on her way to a hostel, reported...

House OKs bill giving OFWs up to 50% discount on remittance fees

by | News

The House of Representatives approved on second reading the bill which seeks to grant overseas Filipino workers (OFWs) discounts to their remittances to their families in the Philippines in a bid to recognize their contribution to the national economy.

House Bill 9032 or the proposed “Overseas Filipino Workers (OFWs) Remittance Protection Act”, principally authored by Rep. Aurelio Gonzales Jr., stipulates that banks and non-bank financial intermediaries shall provide a mandatory discount on remittance fees of 10 to 50 percent depending on the amount to be remitted, reported Manila Bulletin.

“These OFW remittances are transferred from the OFWs to intermediaries, such as financial and non-bank financial institutions, before they reach their beneficiaries. In the course of the fund transfer, the amounts remitted are subject to several fees and high remittance charges which result in the depletion of the amount to be remitted and received,” said Gonzales.

All establishments providing discounts on remittance fees may claim these discounts as a tax deduction based on the cost of services rendered for the OFWs. The tax deduction shall be mandatory, thus it shall grant incentives for remittance establishments as they grant the discounts.

The bill prohibits the imposition of remittance fees in excess of those prescribed under the proposed Act.

Financial intermediaries offering remittance services to OFWs shall not be allowed to raise their current fees without prior consultation with the Department of Finance (DOF), Bangko Sentral ng Pilipinas (BSP), and Philippine Overseas Employment Administration (POEA).

The measure also provides for penalties of imprisonment and fines to any person found violating provisions of the Act.

Meanwhile, institutions governed and supervised by the BSP shall be subjected to the necessary fines, penalties, and sanctions as provided under the “New Central Bank Act,” “General Banking Law of 2000,” and other pertinent banking regulations.

Gonzales said the measure will also encourage establishments and institutions to provide for loans to OFWs and mandate government agencies to provide for financial education to OFWs and their families.

Hence, the bill mandates the DOF, the BSP, and POEA to ensure that the mandatory financial education program shall be available for them. It shall include providing information on financial management, budgeting, and investment options, among others, to educate the OFWs and their families in the handling of earnings and remittances.

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21 in 39 Boeing planes in Middle East in 2018 are UAE carriers

21 in 39 Boeing planes in Middle East in 2018 are UAE carriers

WAM: Boeing delivered 39 airplanes in 2018 to its regional customers in the Middle East, 21 of which were to UAE carriers, according to Bernard J. Dunn, President, Boeing Middle East, North Africa and Turkey. In an exclusive interview with the Emirates News Agency,...

RTA opens main bridge at intersection of Expo Road, Al Asayel Street

RTA opens main bridge at intersection of Expo Road, Al Asayel Street

WAM: Dubai’s Roads and Transport Authority (RTA) has opened a main bridge at the intersection of Expo Road and Al Asayel Street. The bridge is a part of Phase 5 of the roads network leading to Expo site. The completion rate of this phase has exceeded 50 percent, and...

Immigration officers at NAIA banned from using phones while on duty

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The Bureau of Immigration (BI) has barred its personnel at the Ninoy Aquino International Airport (NAIA) as well as other international ports in the country from using cell phones while on duty. BI Commissioner Jaime Morente said that the move seeks to ensure that...

Dubai residents urged to participate in Car-Free Day

The Dubai Municipality urged residents to leave their vehicles parked on February 24 and opt to use public mode of transportation in celebration of the annual “Car-Free Day”. In a tweet, the Dubai Municipality encouraged residents to walk, bike, or use public...

Scaffolding collapses in Abu Dhabi

The Abu Dhabi Municipality confirmed that a scaffolding collapsed at a building demolition site on Monday, February 18. The Abu Dhabi Crisis Management Team, Abu Dhabi Police, Department of Urban Planning and Municipalities, and the Department of Transport,...

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THE FILIPINO TIMES is the biggest and most trusted Filipino newspaper in the UAE.

It has a print run of 60,000 copies and 250,000 readership per week; bolstered by 1 million visitors to its website every month. It also has an e-newsletter sent to its 250,000 subscribers every day.

The Filipino Times is FREE and has the widest targeted circulation across the 7 emirates of the UAE.

With more than 2,500 strategic distribution spots, TFT is available where the Filipinos are - at Smart Bus Shelters, Metro Stations, restaurants, supermarkets, schools, airport lounges, Emirates and Etihad Philippine-bound flights, churches, Filipino community events and many more.

THE FILIPINO TIMES. We are where the Filipinos are.

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