Philippines eyes new, cheaper cash remittance channel for OFWs

The Philippine government is looking for solutions to provide cheaper and more convenient remittance channels for its Overseas Filipino Workers (OFWs). Particularly, technology developed by China’s e-commerce giant Alibaba’s group company Ant Financial could provide such a technology to lower remittance costs and provide inclusive financial services for the Philippines’ over ten million migrant workers.

In a statement released on February 6, Philippine Finance Secretary Carlos Dominguez said Ant Financial’s low-cost mobile payment technology that has helped China attain financial inclusion for its small home-based enterprises can be tapped to help OFWs send money back home more conveniently and manage their finances prudently.

“There are over ten million Filipinos working abroad, Ant Financial’s technology is helpful for them. The technology can help them manage their cash, their earnings wisely,” Dominguez said.

Manila-based Overseas Filipinos Bank could be the launching pad for this online payment platform, he added.

Eric Jing, Ant Financial’s CEO, said his company would be “more than willing to partner with the Philippines” to bring inclusive financial services to OFWs and as well as other individuals and small- and medium-sized enterprises.

Such a partnership could not only include remittances, but other services such as financial planning advisory and money management.

Currently, OFWs are mainly using costly international bank transfers, as well as non-bank money transfer networks such as Western Union or MoneyGram for their remittances, while some have turned to smartphone transfers via services such as FlashRemit, Smart Padala and GCash.

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The Philippine government is looking for solutions to provide cheaper and more convenient remittance channels for its Overseas Filipino Workers (OFWs). Particularly, technology developed by China’s e-commerce giant Alibaba’s group company Ant Financial could provide such a technology to lower remittance costs and provide inclusive financial services for the Philippines’ over ten million migrant workers.

The Philippine government is looking for solutions to provide cheaper and more convenient remittance channels for its Overseas Filipino Workers (OFWs). Particularly, technology developed by China’s e-commerce giant Alibaba’s group company Ant Financial could provide such a technology to lower remittance costs and provide inclusive financial services for the Philippines’ over ten million migrant workers.

In a statement released on February 6, Philippine Finance Secretary Carlos Dominguez said Ant Financial’s low-cost mobile payment technology that has helped China attain financial inclusion for its small home-based enterprises can be tapped to help OFWs send money back home more conveniently and manage their finances prudently.

“There are over ten million Filipinos working abroad, Ant Financial’s technology is helpful for them. The technology can help them manage their cash, their earnings wisely,” Dominguez said.

Manila-based Overseas Filipinos Bank could be the launching pad for this online payment platform, he added.

Eric Jing, Ant Financial’s CEO, said his company would be “more than willing to partner with the Philippines” to bring inclusive financial services to OFWs and as well as other individuals and small- and medium-sized enterprises.

Such a partnership could not only include remittances, but other services such as financial planning advisory and money management.

Currently, OFWs are mainly using costly international bank transfers, as well as non-bank money transfer networks such as Western Union or MoneyGram for their remittances, while some have turned to smartphone transfers via services such as FlashRemit, Smart Padala and GCash.

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