Lawmakers to review non-bank cash transfer agencies for OFWs

MANILA, Philippines - A congressional review looms over the operations of the rules governing the money transfer business, which caters to millions of overseas Filipino Workers (OFWs).

House Resolution 293 seeks to ensure transparency and increased protection of customers, and promote fair competition between banks and non-bank cash transfer agencies.

"The proliferation of non-bank remittance companies that make money from facilitating the remittances of overseas Filipino workers (OFWs) are increasing strategic marketing initiatives in the foreign exchange business," Rep. Amado Bagatsing (Manila), one of the resolution's authors, said in an article on the House of Representatives website.

He called for a review of the statutory framework and regulatory operating procedures governing non-bank remittance companies.

Bagatsing noted non-bank remittance, being an Internet-based system, establishes tie-ups in countries with a huge community of OFWs.

He said non-bank remittance companies have grown its network in countries such as North America, Asia, the Pacific isles and the Middle East.

They have numerous outlets, associates and agents worldwide and thousands of pay-out stations throughout the Philippines, Bagatsing said.

Also, Bagatsing said non-bank remittance companies are becoming collection partners of the Social Security System, Pag-IBIG and the PhilHealth.

"There is a need for financial institutions and non-bank remittance centers to adopt innovative ways to improve the delivery of financial services, expand their network, and improve their capabilities to reach a greater number of clients with utmost efficiency that is cost effective," Bagatsing said.

Under the proposed measure, the Bangko Sentral ng Pilipinas would further strengthen the requirements for greater transparency, accountability and promote a faster, safer and more efficient transfer of funds to beneficiaries.

"This has increased competition in the remittance market and thus should be reviewed if it has to have the effect of lowering remittance charges while improving the efficiency of remittances," Bagatsing said.

Other authors of the measure are Reps. Luis Villafuerte (Camarines
Sur) and Ferdinand Martin Romuladez (Leyte). - GMANews.TV

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