workers (OFWS) are pro_

jected to pay up to gg.2

biUion in br[k remit-
tance charge€ this year
to send hohe $29f bil_
lion in caeh, AcIS-()FW
party-lbt said ye{de.rdav.
?hilippile banl,s and
their f@eigr corr€eJ,ondents
are btring unreasorably hig
cuts out of tle cash wil€d
home by migrant Filipino
workers," said ACISOFW
Rep. Aniceto Bertiz IIL
Citiag the World Bant's
perioilic R€nittance h,ices
Ivorldwide Report, Bertiz
Baid in the 6rst quarter of
2019, baDks remained the
most expensive tl.pe ofser_
vice plovider, chargiag aI
average of 10:90 percent of
the aDount 6ent-
'We expect OFWS to
eend home aD ag*gata\of
$29.8 bi ion ia cssh via the
bankiDg systaE thi.s ve,ar_
up three percent fiom 6zs-d
bilion iD 2018," said Bertiz.
"To tr-ansfer the entir€
$29.8 bdllicn bone. OFWs rrin
be futiDg out f0.90 p€tleqt
or sme $3.2 billiob, to Dav
-
for bslk fteq" said Bertz.
ReBittadces Epr€sent a
huge source or of m@rte fnr
iDcoDe lbt
eillioD,s of Filipioo f^piti.q.
i a.nd a key driver ofnation-
r al economic gtowtL
accord-
I ins to Bertiz
] af we can get banks to
slash their remittance pric-
es by one-half, tltis would
rDean an
exha $1.e bnion
(P83.2 billion I flowins
into
low- and eiddle-incoo; Fil_
ipino households and into
the edotomy," Bertiz seid_
. |J*,-P,qrt4
pnop."t"
P3e+