Secretary Blas F. Ople lauded a  proposed  bill  that  would  protect  international  remittances from hidden costs and charges,  which would,  in turn, lower the remittance costs  for  Filipinos in the US  who regularly send  dollars  to  their relatives  and  friends in the  Philippines.  Secretary Ople  said  that  the  Philippine government deeply appreciates the action taken by the sponsors of the bill.

A bill, H.R. 2637 or the “Wire Transfer Fairness and Disclosure Act of 2003,” which would amend the Electronic Fund Transfer Act, was recently filed in the US House of Representatives. The proposed bill would require additional disclosures relating to exchange rates in transfers involving international transactions.

The disclosures would include: the exchange rate used by the financial institution or money transmitting business; the exchange rate prevailing at a major financial center of the foreign country whose currency is involved in the transaction; all commissions and fees charged by the financial institution or money transmitting business, and the exact amount of foreign currency to be received by the recipient in the foreign country.
 
The bill intends to protect immigrants in the U.S. who send $40 billion annually in remittances to families in their respective countries. These immigrants lose billions of dollars on their remittances in hidden costs and “currency conversion fees.” The Senate sponsor, Senator Daniel Akaka (D-Hawaii), cited as an example the Philippine workers around the world who sent an estimated $6.4 billion back to the Philippines in year 2001.

Sponsors for the House include Congressmen from Illinois, New Jersey, New York and California.

“The proposed legislation will benefit millions of Filipinos overseas who remit their hard-earned savings to help sustain the lives of their loved ones in the Philippines,” the Secretary stated. END.