The Daily Tribune
Phl exit from grey list to cut remittance fees
The Philippines' removal from the Financial Action Task Force (FATF) gray list is expected to result in lower remittance fees and more secure financial transactions for Overseas Filipino Workers (OFWs).
According to the Department of Migrant Workers (DMW), this development, driven by reforms under President Ferdinand R. Marcos Jr., will also reduce documentary requirements for OFWs sending money home.
OFWs will also benefit from easier access to international financial transactions and global financing, with enhanced protection against money laundering and terrorism financing.
DMW Secretary Hans Leo Cacdac highlighted that the exit from the gray list is a significant victory for OFWs, ensuring more of their earnings reach their families without high fees or complex processes.
Topics in this story
Explore more stories about these topics.
🤖
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
