Post on 14-Jan-2015
description
A Presentation to the Beneficiaries/Families of OFWs
28 February 2006Cebu City
Bangko Sentral ng Pilipinas
BSP’s Program BSP’s Program for Overseas for Overseas Filipino Filipino Workers Workers (OFWs)(OFWs)
Bangko Sentral ng Pilipinas
What is the BSP’s What is the BSP’s current program for current program for
OFWs? OFWs?
Bangko Sentral ng Pilipinas
The BSP undertakes efforts that are geared The BSP undertakes efforts that are geared toward ensuring:toward ensuring:
a) a healthy economic and financial macro a) a healthy economic and financial macro economic environment economic environment
b) an efficient and safe financial infrastructure b) an efficient and safe financial infrastructure
that would make OFWs confident to remit that would make OFWs confident to remit money through the formal channels and transfer money through the formal channels and transfer their savings to the country. their savings to the country.
Bangko Sentral ng Pilipinas
What programs can What programs can the BSP undertake for the BSP undertake for
OFWs? OFWs?
Bangko Sentral ng Pilipinas
Objective of the BSPObjective of the BSPTo improve the remittance To improve the remittance environment by:environment by:reducing remittance chargesreducing remittance chargesfacilitating remittances through the facilitating remittances through the
formal channelsformal channelschanneling foreign exchange channeling foreign exchange
savings to investment instruments savings to investment instruments and micro-enterprise activitiesand micro-enterprise activities
Bangko Sentral ng Pilipinas
Foreign
RP
Flows of RemittancesFlows of RemittancesFirst Mile
Second MileThird Mile
Bangko Sentral ng Pilipinas
Initiatives for OFWsInitiatives for OFWs
Bangko Sentral ng Pilipinas
Addressing the Third Mile IssuesAddressing the Third Mile Issues Bringing down the remittance charges by Bringing down the remittance charges by
promoting competitionpromoting competition
e.g.,e.g., require banks to post their remittance feesrequire banks to post their remittance fees post from BSP website a comparative bank post from BSP website a comparative bank
remittance charges remittance charges allow money transfer companies (MTCs) to allow money transfer companies (MTCs) to
partner with foreign and offshore banks in partner with foreign and offshore banks in providing remittance services to migrant providing remittance services to migrant workersworkers
Bangko Sentral ng Pilipinas
Review of existing domestic banking Review of existing domestic banking regulations and other issues that affect the regulations and other issues that affect the payments and clearing systems, as well as the payments and clearing systems, as well as the overall remittance environmentoverall remittance environment
e.g.,e.g., review of ID requirements to open an accountreview of ID requirements to open an account facilitate approval of application to open bank facilitate approval of application to open bank
subsidiary abroadsubsidiary abroad push for interconnectivity among leading ATM push for interconnectivity among leading ATM
networksnetworks
Addressing the Third Mile IssuesAddressing the Third Mile Issues
Bangko Sentral ng Pilipinas
Promoting channeling of foreign savings Promoting channeling of foreign savings to micro-enterprise activities and other to micro-enterprise activities and other alternative financial instruments that are alternative financial instruments that are safe and viablesafe and viablee.g., work for the issuance of
government securities solely
for OFWs
Addressing the Third Mile IssuesAddressing the Third Mile Issues
Bangko Sentral ng Pilipinas
Conduct of information campaign and Conduct of information campaign and market promotions to raise awareness on market promotions to raise awareness on the benefits of remitting through the the benefits of remitting through the formal channels and to inform formal channels and to inform OFWs/beneficiaries on available savings OFWs/beneficiaries on available savings and investment opportunitiesand investment opportunities
e.g.,e.g., regional financial literacy campaignregional financial literacy campaign work with POEA on PDOSwork with POEA on PDOS
Addressing the Third Mile IssuesAddressing the Third Mile Issues
Bangko Sentral ng Pilipinas
Facilitate interconnectivity of current ATM Facilitate interconnectivity of current ATM networks in the country (Megalink, Bancnet, networks in the country (Megalink, Bancnet, ExpressNet)ExpressNet)
Improving the interconnectivity of remittance Improving the interconnectivity of remittance service providers in the Philippines with those service providers in the Philippines with those abroad to facilitate the flow of remittancesabroad to facilitate the flow of remittances
e.g.,e.g., RP-US Memorandum ofRP-US Memorandum of
Intent initiatives Intent initiatives
Addressing the Second Mile IssuesAddressing the Second Mile Issues
Bangko Sentral ng Pilipinas
Facilitating bilateral negotiations with host Facilitating bilateral negotiations with host countries with the view to eliminating/reducing countries with the view to eliminating/reducing barriers to the flow of remittancesbarriers to the flow of remittances
e.g.,e.g., lowering of license fees to set up branches lowering of license fees to set up branches
abroadabroad allowing undocumented OFWsallowing undocumented OFWs
access to the banking systemaccess to the banking system
Addressing the First Mile IssuesAddressing the First Mile Issues
Bangko Sentral ng Pilipinas
Website:Website:www.bsp.gov.phwww.bsp.gov.phE-mail:E-mail:bspmail@bsp.gov.phbspmail@bsp.gov.ph