Binay raises concern over hike in remittance fees

MANILA, Philippines - Vice President Jejomar Binay has expressed concern over the recent moves of banks in the United States to modify policies for international money transfers.

Binay warned that the increase in remittance fees in US-based banks could adversely affect Filipinos sending money to their families in the Philippines.

He asked the Bangko Sentral ng Pilipinas (BSP) to address the matter.

“I take note of the efforts of the BSP to address this development and I am optimistic that you will make the needed representations and steps to mitigate the effects of such policies on our kababayans in the US,” Binay said in his letter to BSP Governor Amando Tetangco Jr.

Binay is the Presidential Adviser on Overseas Filipino Workers’ Concerns.

According to the New York Times, Bank of America, JP Morgan Chase and Citigroup have scrapped programs that allowed migrant workers to send money back to their families at a reduced cost in response to a government regulation.

The increased regulation is part of the US government’s efforts to curb money laundering.