By Camille Lee
MANILA — The Department of Finance is exploring new financial technologies aimed at reducing the cost of remittances, a move expected to benefit millions of overseas Filipino workers and their families.
Finance Secretary Frederick Go said excessive remittance charges continue to reduce the value of money sent home, with some transfer services imposing fees of up to 10 percent.
According to Go, lowering these costs is a priority, as remittances represent the hard-earned income of Filipinos working abroad.
To help achieve this goal, the DOF has been holding consultations with the Fintech Alliance, banks, and technology specialists to examine digital payment systems capable of making international money transfers faster and less expensive.
Among the options being discussed is the use of stablecoins, including USDT, to facilitate foreign exchange transactions before funds are converted into Philippine pesos.
Go clarified that no final decision has been reached, noting that the proposal remains subject to further study and consultations with financial institutions.
The finance department believes reducing transfer fees would enable OFWs to send more money to their loved ones while encouraging wider adoption of digital financial services.
Go also praised banks that have begun eliminating certain transfer charges, describing the initiatives as positive steps toward improving financial inclusion and expanding access to affordable digital payments.
The DOF said it remains committed to collaborating with industry stakeholders to modernize cross-border remittance systems and improve financial services for overseas Filipinos.