TUCP bats for lower remittance charges

Published by rudy Date posted on October 29, 2007

The Trade Union Congress of the Philippines (TUCP) gave yesterday its full support for moves to lower money transfer charges.

TUCP, the country’s largest labor group said, the state-owned Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (DBP) should compete with private banks by lowering the remittance charges.

“Both the LBP and DBP should offer cheaper transfer charges, and endeavor to capture a bigger slice of the remittance market. We find it highly anomalous that, right now, four local private banks control about half of the annual inflow of remittances,” TUCP spokesman Alex Aguilar said.

Aguilar issued the statement as TUCP projected further depreciation of the dollar, which could adversely affect the purchasing power of overseas Filipino workers (OFWs).

The peso will likely soar to fresh multi-year highs versus the US dollar once the Federal Reserve — the American central bank — slashes its key rate by either one-fourth or one-half percentage point, TUCP said.

The families here of migrant workers are having difficulty coping with their significantly reduced purchasing power due to the peso’s steady rise against the US currency.

TUCP has been urging OFWs to dump their dollars and hoard their savings in pesos, with the greenback likely to fall to as low as P40 by year’s end. – Mayen Jaymalin, Philippine Star

March 2025

It’s women’s month!

“Support women every day of the year!”

Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.

Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideos

Time to support & empower survivors.
Time to spark a global conversation.
Time for #GenerationEquality to #orangetheworld!

Monthly Observances:
Women’s Role in History Month

Weekly Observances:
Week 1: Environmental Week
Women’s Week
Week 3: Philippine Industry and Made-in-the-Philippines
Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week

Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
Mar 4— Employee Appreciation Day
Mar 15 — World Consumer Rights Day
Mar 18 — Global Recycling Day
Mar 21 — International Day for the Elimination of Racial Discrimination
Mar 23 — International Day for the Right to the Truth concerning Gross Human Rights Violations and for the Dignity of Victims
Mar 25 — International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade
Mar 27 — Earth Hour

Trade Union Solidarity Campaigns
Get Email from NTUC
Article Categories