Bits and Snippets of the Philippines

Basic Reading of Global Filipinos

Banco Sentral to Cut Fees on Remittance

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The Bangko Sentral ng Pilipinas (BSP) has agreed (in principle) to reduce fees on fund transfers, as much as 5 Pesos per transaction. BSP is encouring the member-banks of the Association of Bank Remittance Officers (ABROI) to do the same by coursing its remittances through the BSP’S Philippine Payments and Settlements Systems. BSP wants ABROI and the Bankers Association of the Philippines to standardize all backend processing fees to lower the cost of remitting funds. Current bank process fees go as much as 250 Pesos per transaction for same day deliveries.

Source: Manila Bulletin.

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Written by Raffy Pekson II

September 5, 2009 at 5:50 pm

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