Saturday, May 28, 2005

Cutting money remittance costs

Posted 11:59pm (Mla time) May 18, 2005

THE suggestion of Migrante Sectoral Party chairman Connie Bragas-Regalado that the government offer money transfer services free of charge is a very good idea. Another option is for the government to charge fees for such a service but at lower than bank rates and use the proceeds for developmental purposes. I remember reading that this is done by other countries that also have many citizens working overseas.
The government could also lead efforts to convince overseas Filipino workers (OFWs) to invest parts of their earnings in a "mutual fund" exclusively for development projects. The OFWs would end up saving some of their earnings, instead of, as in some cases, spending them irresponsibly. OSCAR MANANSALA, 1983 E. Yale St., Ontario, Canada 91764 (via e-mail)

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