By Emily Blanco
MANILA — Finance Secretary Frederick Go has called for reforms that would make overseas remittances faster, more affordable, and easier to access, saying Filipino migrant workers should not lose a significant portion of their earnings to transfer fees.
The Department of Finance is currently engaging banks, fintech firms, and financial technology experts in discussions on modernizing cross-border payment systems through digital innovations.
Go said some remittance providers charge fees of up to 10 percent, reducing the amount ultimately received by Filipino families.
As part of the discussions, experts have proposed using digital assets, including stablecoins such as USDT, as an intermediary in converting foreign currencies into pesos, a system proponents say could lower costs and speed up transactions.
The finance chief stressed that the proposal remains in the consultation stage and that the government has not yet adopted any specific approach.
He added that reducing remittance charges would allow overseas Filipino workers to maximize their earnings while promoting broader use of digital financial services.
Go also welcomed recent efforts by local financial institutions to remove selected transfer fees, saying such initiatives align with the government’s goal of making electronic payments secure, convenient, and affordable.
The DOF said it will continue working with stakeholders to improve remittance systems, recognizing the crucial role overseas Filipinos play in supporting both their families and the Philippine economy.
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