When we unite, We make our life better

A Christmas gift for OFWs

There are no words to describe the heroism and sacrifice of our overseas Filipino workers. Feeling homesick and lonely, they still make sure to send extra money back home, so their families could experience an extra special Christmas celebration even without them.

This selfless practice has resulted in a notable surge in remittances during the last months of the year, particularly in December. Even with the global financial crisis, the Bangko Sentral ng Pilipinas said remittances hit $1.4 billion in December alone last year, an increase of 0.8 percent over the same period in 2007.

BSP Deputy Governor Diwa Guinigundo said that remittances continue to account for around 10 percent of the country’s Gross Domestic Product and equivalent to 10 times the country’s foreign direct investments.

According to Guinigundo, the realization of the Philippine economy’s long-term growth potential also depends on how remittances can be harnessed as an important tool for sustainable development.

In an effort to enhance the remittance environment for migrant Filipino workers, BSP Governor Amando M. Tetangco Jr. last week signed an agreement with the Association of Bank Remittance Officers, Inc.. (ABROI), represented by Carmelita Araneta, Bankers Association of the Philippines (BAP), represented by Aurelio Montinola III, the Chamber of Thrift Banks (CTB), represented by Pascual Garcia III, and the Rural Bankers Association of the Philippines, represented by Joseph Omar Andaya.

The agreement will enable the groups’ members to use the Bangko Sentral’s Philippine Payments and Settlements System (PhilPass) — a system that enables banks and other non-banks with quasi-banking functions (NBQBs) to settle their payments in real time — for interbank remittance transfers.

According to Deputy Governor Armando L. Suratos Jr., who manages the PhilPass, the use of the PhilPass’ technology will not only allow faster and safer transmission of remittances from an OFW to his beneficiaries; it will also significantly reduce the fees they have to pay for the transaction.

Under the present setup, OFWs have to pay anywhere from P100 to P500 when the bank where they deposited their remittance is different from the bank of their beneficiaries back home. This bank would have to hire the services of a courier to deliver the funds to the other bank.

Banks could also use the Electronic Peso Clearing System (EPCS) of the Philippine Clearing House Corporation (PCHC), which provides a check clearing system for member banks. However, OFWs have to pay additional back-end processing fees and risk delays in transactions with this method.

BSP Governor Amando Tetangco Jr. said that given these delays and the disturbing incidents of theft and robbery involving a number of couriers tasked to deposit remittances, PhilPass is seen as a safer, faster, and more efficient option for migrant Filipino workers.

With PhilPass, participating banks can charge a significantly lower standard back-end processing fee of only P50 per remittance transaction.

The use of BSP’s payment and settlement system will also allow for a feedback interbank mechanism that will ensure the real time transmission of the remittance.

Tetangco said the systems integration of ABROI member banks with the BSP’s PhilPass will be completed before the end of the year, and is expected to be operational by late February or March next year.

BSP estimates that remittance transactions average 66 million per year, of which transmissions through “credit to other banks” account for eight percent or an average of 5,000 transactions daily.

Tetangco said this will result in savings of at least P75 million in annual remittance fees for migrant Filipinos — a very significant “consuelo” and Christmas gift for our modern-day heroes.

* * *

Last Thursday, BSPers witnessed the annual traditional lighting ceremony at the Bangko Sentral ng Pilipinas. Against the backdrop of the recent global financial turmoil, the BSP’s yearly tradition means a lot.

I look at the BSP’s Christmas lights as a symbol of hope to the Filipino people, especially during this special time of the year when optimism should abound. That despite the darkness brought about by the global crisis, the Philippine economy stays strong and resilient, and that there is indeed reason to hope amid the many challenges we face as a people.

Congratulations to BSP Managing Director Manuel Torres and his staff who put together the impressive displays that adorn the facades of the BSP fronting Roxas Boulevard and Mabini Street, as well as the BSP lobby. Ninety percent of the materials used were recycled from glass diffusers!

Note: You may e-mail us at totingbunye2000.

A Christmas gift for ofws
By : Manila Bulletin


Filed under: Bank Services, Sorsogon News Updates,

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 922 other followers


Bookmark and Share


  • Inspirational Thoughts and More
    If you are looking for inspiration or you have some to share, you will find something on the Inspirational Thoughts and More page to meet your needs.


  • Walking on Water
    During an especially cold winter, I ventured out to Lake Michigan, the fifth largest lake in the world, to see it frozen over. Bundled up on the beach where I usually enjoy soaking up the sun, the view was breathtaking. The water was actually frozen in waves creating an icy masterpiece. Because the water was frozen solid next to the shore, I had the opportun […]

RSS Daily Verse

  • Luke 12:29-31
    And do not seek what you are to eat and what you are to drink, nor be worried. For all the nations of the world seek after these things, and your Father knows that you need them. Instead, seek his kingdom, and these things will be added to you.





  • March 21, 1871: Stanley begins search for Livingstone
    On this day in 1871, journalist Henry Morton Stanley begins his famous search through Africa for the missing British explorer Dr. David Livingstone. In the late 19th century, Europeans and Americans were deeply fascinated by the “Dark Continent” of Africa and its many mysteries. Few did more to increase Africa’s fame than Livingstone, one of England’ […]


  • Bicol Tourism Summit promises brighter prospects for the region December 9, 2016
    By Ana-Liza S. MacatangayNAGA CITY, Dec. 9 (PIA) --- “This summit will certainly shed new light on the potential and new tourism products and services, as well as guide stakeholders from the government and private sector for a sustainable and responsible tourism development.”Thus stated Naga City Mayor John Bongat on the brighter prospects that await every B […]
    Philippine Information Agency Regional Office V
  • Bicolanos elated over Pres. Duterte’s visit in Albay December 9, 2016
    LEGAZPI CITY, Dec 9 (PIA) – Bicolanos expressed their elation and eagerness over President Rodrigo Roa Duterte’s visit in the province of Albay to lead groundbreaking of the Bicol International Airport (BIA) in barangay Alobo, Daraga Albay and to grace the 7th year anniversary of the Federalismo Alyansa ng Bicol (FAB) at the Legazpi City Convention Center.Th […]
    Philippine Information Agency Regional Office V
  • Children’s month celebration in Bicol highlights valuable role of children in society December 1, 2016
    LEGAZPI CITY, Dec 1 (PIA) – The Regional Council for the Welfare of Children and the Department of Social Welfare and Development (DSWD) Bicol led this year’s children’s month celebration in the region themed ““Isulong, Kalidad na Edukasyon Para sa Lahat ng Bata.”“The Children’s Month Celebration is a time to recognize the value of Filipino Children as the m […]
    Philippine Information Agency Regional Office V
  • A-PAD holds disaster-resiliency confab for MSMEs in Bicol December 1, 2016
    By Ana-Liza S. MacatangayNAGA CITY, Dec.1 (PIA) -- A community of entrepreneurs from the Micro, Small and Medium Enterprises (MSMEs), gathered together at the Villa Caceres Hotel here for the 3-day Business Community Planning (BCP) and Disaster Risk Reduction and Management (DRRM) training seminar primarily to mainstream business community and resiliency of […]
    Philippine Information Agency Regional Office V
  • Cebu Pacific now has daily flight in Catanduanes November 30, 2016
    VIRAC, Catanduanes, Nov. 30 (PIA)- Cebu Pacific announced that there will now be daily flights to and from Virac beginning December 18, 2016 until March 2017.According to Roberto L. Jackson, Cebu Pacific station officer in Catanduanes, instead of 4x weekly Airbus Manila-Virac-Manila flight, there will now be an 11x weekly ATR operations.He likewise bared tha […]
    Philippine Information Agency Regional Office V
  • BNC, JJWC, DSWD hold youth meet vs. lowered MACR November 29, 2016
    LEGAZPI CITY, Nov. 29 (PIA) – To culminate the celebration of this year’s National Children’s Month, the Bicol Network for Children (BNC), in cooperation with the Juvenile Justice and Welfare Council (JJWC) and Department of Social Welfare and Development (DSWD) of the Bicol region held the #KalingaHindiKulungan Bicol Youth Meet at Legazpi City.The main purp […]
    Philippine Information Agency Regional Office V
  • Bicol’s “orange Cagsawa” showcases campaign to end violence vs. women November 29, 2016
    By Sally Atento-AlteaLEGAZPI CITY., Nov 29 (PIA) -- It may not seem a good start as heavy rain poured on but it didn’t stop the Bicolanos from joining the call to support the advocacy to end violence against women (VAW) through the "Orange Your Icon for 18 days" campaign launched November 25 in the Bicol region at Cagsawa Park in Albay.Despite the […]
    Philippine Information Agency Regional Office V
  • CamSur guv strengthens fight against drugs through CASUROG Program November 28, 2016
    By Ana-Liza S. MacatangayPILI, CAMARINES SUR, Nov. 28 (PIA) --- Various efforts to curb the ill-effects of illegal drugs have already been implemented by the provincial government of Camarines Sur in response to the directives of President Rodrigo Roa Duterte immediately following his assumption of office in June 30.Governor Miguel “Migz” Villafuerte recapit […]
    Philippine Information Agency Regional Office V
  • DILG’s MASA MASID regional launch in Bicol November 28, 2016
    By Ana-Liza S. MacatangayNAGA CITY, Nov. 28 (PIA) -- With the war on drugs now in full swing across the country, the Department of Interior and Local Government (DILG) inched another step forward to ensure that the campaign will be relentlessly pursued with the help of more stakeholders and volunteers.DILG BIcol has  spearheaded the regional launch of “Mamam […]
    Philippine Information Agency Regional Office V
  • Police, military operatives discover ‘shabu lab’ in Catanduanes November 28, 2016
    VIRAC, Catanduanes, Nov. 28 (PIA) -- Bicol regional director PCSupt. Melvin Ramon G. Buenafe of the Philippine National Police (PNP) has confirmed yesterday, Nov. 27, the discovery of a clandestine shabu laboratory at Barangay Palta Small in this municipality.According to PCSupt. Buenafe, said laboratory was secured in a joint operation of Catanduanes Police […]
    Philippine Information Agency Regional Office V




December 2009
« Nov   Jan »



  • March 21, 1871: Stanley begins search for Livingstone
    On this day in 1871, journalist Henry Morton Stanley begins his famous search through Africa for the missing British explorer Dr. David Livingstone. In the late 19th century, Europeans and Americans were deeply fascinated by the “Dark Continent” of Africa and its many mysteries. Few did more to increase Africa’s fame than Livingstone, one of England’ […]




Proud to be pinoy

Bicol Blog Community


  • 185,873 Hits


Free counters!


Top Rated

%d bloggers like this: