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BSP Program for Overseas Filipino Workers (OFWs)
 

BSP Program for Overseas Filipino Workers (OFWs)

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a Presentation by Bangko Sentral ng Pilipinas (BSP) at the BSP Regional Financial Literacy Campaign for OFWs in Cebu City, Philippines on February 28, 2006

a Presentation by Bangko Sentral ng Pilipinas (BSP) at the BSP Regional Financial Literacy Campaign for OFWs in Cebu City, Philippines on February 28, 2006

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BSP Program for Overseas Filipino Workers (OFWs) BSP Program for Overseas Filipino Workers (OFWs) Presentation Transcript

  • BSP’s Program for Overseas Filipino Workers (OFWs) A Presentation to the Beneficiaries/Families of OFWs 28 February 2006 Cebu City Bangko Sentral ng Pilipinas
  • What is the BSP’s current program for OFWs?
    • The BSP undertakes efforts that are geared toward ensuring:
    • a) a healthy economic and financial macro economic environment
    • b) an efficient and safe financial infrastructure
    • that would make OFWs confident to remit money through the formal channels and transfer their savings to the country.
  • What programs can the BSP undertake for OFWs?
  • Objective of the BSP
    • To improve the remittance environment by:
      • reducing remittance charges
      • facilitating remittances through the formal channels
      • channeling foreign exchange savings to investment instruments and micro-enterprise activities
  • Foreign RP Flows of Remittances First Mile Second Mile Third Mile
  • Initiatives for OFWs
  • Addressing the Third Mile Issues
    • Bringing down the remittance charges by promoting competition
    • e.g.,
      • require banks to post their remittance fees
      • post from BSP website a comparative bank remittance charges
      • allow money transfer companies (MTCs) to partner with foreign and offshore banks in providing remittance services to migrant workers
    • Review of existing domestic banking regulations and other issues that affect the payments and clearing systems, as well as the overall remittance environment
    • e.g.,
      • review of ID requirements to open an account
      • facilitate approval of application to open bank subsidiary abroad
      • push for interconnectivity among leading ATM networks
    Addressing the Third Mile Issues
    • Promoting channeling of foreign savings to micro-enterprise activities and other alternative financial instruments that are safe and viable
    • e.g.,
      • work for the issuance of
      • government securities solely
      • for OFWs
    Addressing the Third Mile Issues
    • Conduct of information campaign and market promotions to raise awareness on the benefits of remitting through the formal channels and to inform OFWs/beneficiaries on available savings and investment opportunities
    • e.g.,
      • regional financial literacy campaign
      • work with POEA on PDOS
    Addressing the Third Mile Issues
    • Facilitate interconnectivity of current ATM networks in the country (Megalink, Bancnet, ExpressNet)
    • Improving the interconnectivity of remittance service providers in the Philippines with those abroad to facilitate the flow of remittances
    • e.g.,
      • RP-US Memorandum of
    • Intent initiatives
    Addressing the Second Mile Issues
    • Facilitating bilateral negotiations with host countries with the view to eliminating/reducing barriers to the flow of remittances
    • e.g.,
      • lowering of license fees to set up branches abroad
      • allowing undocumented OFWs
      • access to the banking system
    Addressing the First Mile Issues
  • Website: www.bsp.gov.ph E-mail: [email_address]