Bangko Sentral and banks yesterday signed an agreement that will reduce back-end remittance service fees to just P50 per transaction for those that use the central bank’s Philippine.Payments and Settlement System.
Bangko Sentral Gov. Amando Tetangco Jr. yesterday said Filipinos working abroad would save P75 million daily from the back-end remittance charges. He said banks charged between P100 and P550 per day on back-end processing for remittance transactions. Association of Bank Remittance Officers Inc. estimates that 5,000 remittance transactions are credited to an account daily, or 66 million transactions a year.
The agreement was signed by the central bank, ABROI, the Bankers Association of the Philippines, the Chamber of Thrift Banks and the Rural Bankers Association of the Philippines.
Bangko Sentral Deputy Gov. Diwa Guinigundo said the agreement served as a Christmas gift for Filipinos overseas and their families, adding that the signing was timely because remittances peak in December when Filipinos send more money home for holiday spending. Remittances this year are expected to total $17.1 billion.
Tetangco said the linkage between PhilPaSS and ABROI would be tried until January and should be operational by February or March next year. –Eileen A. Mencias, Manila Standard Today
July 2025
Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”
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 #TakePicturesVideosturesVideos
July
3 July – International Day of Cooperatives
3 July – International Plastic Bag Free Day
5 July – World Youth Skills Day
7 July – Global Forgiveness Day
11 July – World Population Day
17 July – World Day for International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons
Monthly Observances:
Schools Safety Month
Nutrition Month
National Disaster Consciousness Month
Weekly Observances:
Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week
Daily Observances:
First Saturday of July:
International Cooperative Day
in the Philippines
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