Philippines to speed up overseas workers’ money transfers
MANILA, June 6 Kyodo
The Philippine government will introduce electronic transfers to speed up the process in which millions of Filipino overseas workers send money to their families in the country, a presidential statement said Tuesday.
The statement quoted Finance Secretary Jose Pardo as saying the government wants to prevent delays in the transmission of the funds.
Pardo said the electronic-transfer project comes in response to complaints from families of the workers that remittances are delayed for long periods.
He said some agencies engaged in collecting and sending the remittances to the Philippines deposit the money in banks to earn interest.
An estimated 5 million Filipino overseas workers send about $7 billion yearly to their families in the Philippines.
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