Legarda seeks cuts in fees on remittances

Sen. Loren Legarda. (Contributed photo)

MANILA, Philippines — Sen. Loren Legarda has filed a bill that seeks to check on excessive fees imposed by remittance firms on money sent by overseas Filipino workers (OFWs) to their families in the Philippines.

In a statement, Legarda said Senate Bill No. 10 aims to allow the government to clamp down on unjust charges imposed by “intermediaries or financial institutions” on OFW remittances, noting how the fees usually deplete the money sent to its intended beneficiaries.

“It is imperative for the government to protect the money transfers from several fees and incredulous interest rates imposed by financial institutions,” Legarda said.

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