Poe presses heightened protection for OFW remittances, money transfers

Sen. Grace Poe said financial institutions such as banks and money transfer companies as well as regulators should do more to protect the remittances of overseas Filipino workers (OFWs) (Nanawagan si Sen. Grace Poe na paigtingin ng mga institusyong pinansiyal tulad ng mga bangko at money transfer company gayundin ng mga regulator ang pagbibigay proteksiyon sa mga remittance at money transfer ng mga overseas Filipino workers (OFW)).

The latest Consumer Expectations Survey of the Bangko Sentral ng Pilipinas (BSP) showed that 96 percent of households that receive remittances spend it on food and other needs (Batay sa Consumer Expectations Survey ng Bangko Sentral ng Pilipinas (BSP), lumabas na 96 porsiyento ng mga tahanang nakakatanggap ng mga remittance o padalang pera ay ginagastos ito sa pagkain at iba pang pangangailangan ng pamilya).

"The remittances are crucial to the survival of families of OFWs and play an important role in the economy as a whole. Their steady flow into the country softens the destabilizing impact of hemorrhaging foreign investments and outflows from the payment of foreign debt(Krusyal ang perang padala ng ating mga OFW para maitawid ang kani-kanilang pamilya at ang ating ekonomiya sa gitna ng pandemya. Ang patuloy na pagdaloy nito ay makapagpapagaan sa epekto ng pagkaunti ng foreign investment at paglabas ng salaping pambayad sa foreign debt)," Poe said.

Remittances of OFWs totalled $30.1 billion in 2019, BSP data showed. Despite the blow COVID-19 dealt on the global economy, remittances in 2020 only dipped slightly to $29.9 billion (Sa datos ng BSP noong 2019, umabot sa $30.1 bilyon ang kabuuang remittance ng mga OFW. Sa kabila ng epekto ng COVID-19 sa pandaigdigang ekonomiya, bahagyang bumaba ang remittance noong 2020 na umabot sa $29.9 bilyon).

"It's imperative that we protect our people's money. It is not just the remittances of OFWs coming from abroad that we must protect but local money transfers as well (Mahalagang maprotektahan natin ang pera ng ating mga kababayan—hindi lamang ang padala nila mula sa ibang bansa kundi maging mga lokal na money transfer)," Poe said.

Since the pandemic, more people have to rely on remittances and money transfers from family members and other relatives to cope with heightened difficulties (Mula nang tumama ang pandemya, marami pang mga Pilipino ang umasa sa remittance at money transfer mula sa kani-kanilang pamilya at kamag-anak para malagpasan ang kahirapan ng buhay).

The Poe-led Senate committee on banks, financial institutions and currencies joint with the committee on labor, employment and human resources development will conduct a virtual public hearing on Thursday, July 22, on bills to protect the remittances and money transfers of OFWs (Sa Huwebes, Hulyo 22, magsasagawa ng pagdinig ang Senate committee on banks, financial institutions and currencies na pinamumunuan ni Poe, kasama ang committee on labor, employment and human resources development, sa mga panukalang batas na magbibigay ng dagdag na proteksiyon sa mga remittance at money transfer ng mga OFW).