Department of Finance (DOF) Secretary Frederick Go echoes the Philippine government’s initiative to lower fees for Overseas Filipino Worker (OFW) remittances to the country.
“For the overseas Filipinos, they’re paying up to 10 percent (for remittance fees).” Finance Secretary Go stated in a news report, “These are blood, sweat, and tears of our fellow kababayans abroad. And they have to pay those kinds of usurious fees.”
Proposed Regulation to Cut Remittance Fees
The new Senate Bill No.1917, also known as the proposed Overseas Filipino Workers (OFW) Remittance Protection Act, which aims to control remittance fees and shield OFWs from unreasonable or hidden charges, is urged to be passed quickly by the Senate.
Senator Joel Villanueva is the primary author and proponent of the proposed bill, which will make the hard-earned money transferred by Filipinos employed overseas much safer.
On March 3, 2026, during his address at the Tuesday plenary session, the senator emphasized that remittances are more than simply an economic number because they also symbolize the hard work of our beloved OFWs.
He called for assistance, underlining that it is the government’s responsibility to defend OFW remittances to help the heroes of today.
The bill aims for regulations on remittance fees and greater transparency in foreign exchange transactions. The goal is to prohibit sudden or hidden charges that may increase the cost of sending money.
The proposed measures also require consultations with stakeholders before any fee adjustments are implemented and impose stricter penalties on institutions or service providers found violating these regulations.
At the same time, Finance Secretary Go has been vocal about his push to reduce remittance fees for Overseas Filipino Workers (OFWs). He highlighted that lowering these costs would directly benefit millions of Filipino families, much like how certain local banks have already taken steps to reduce transfer fees.
The Importance of OFW Remittances to the Philippine Economy
Remittances remain one of the key drivers of the Philippine economy, contributing around 7% to 9% of the country’s Gross Domestic Product (GDP). They also serve as one of the country’s largest sources of foreign exchange reserves and help maintain the stability of the Philippine peso.
Because of their significant contribution to the country’s economy, Overseas Filipino Workers are often referred to as the country’s “bagong bayani” or modern-day heroes.
However, these economic benefits also come with personal sacrifices.
Many OFWs spend years away from their families, experience emotional hardship, and miss important moments with their loved ones. Although these sacrifices are not reflected in remittance figures, they have lasting social and emotional effects.
This is why lawmakers such as Senator Villanueva and the Department of Finance continue to advocate for remittance services that are more affordable, accessible, and secure.
Both the public and private sectors have also introduced various initiatives to better address the financial needs of OFWs.
Imbalance: Remittances are Hiking, Fees Not Decreasing
According to data released by the Bangko Sentral ng Pilipinas (BSP), cash remittances reached a record-high USD 35.64 billion in 2025, representing a 3.3 percent increase from the USD 34.49 billion recorded in 2024.
The steady growth of remittances demonstrates the continued resilience and commitment of Overseas Filipino Workers despite ongoing global economic challenges.
As of April 2026, cash remittances from overseas Filipinos had already reached USD 2.718 billion with the United States, Singapore, and Saudi Arabia standing as the top sources, resulting in a 2.6 percent increase during the first four months of the year compared with the same period in the previous year.
These figures further emphasize the important role that OFWs continue to play in supporting both their families and the Philippine economy.
However, despite the steady growth in remittance inflows, the World Bank’s Remittance Prices Worldwide database shows that the global average cost of sending remittances remains at approximately 6.36%, which is still well above the United Nations’ target of reducing remittance costs to below 3%.
This figure is still significantly higher than the United Nations Sustainable Development Goal target of reducing remittance costs to below three percent by making financial services more inclusive, affordable, and efficient.
This continuing gap highlights the importance of ongoing reforms, stronger government policies, and technological innovations aimed at lowering remittance costs. By making remittance services more transparent, accessible, secure, and affordable.
The government and the financial sector can further maximize the economic benefits of remittances while recognizing and honoring the invaluable sacrifices made by Overseas Filipino Workers around the world.
Fintech Platforms Hand-in-Hand with OFWs
For decades, OFWs have faced challenges and complications in sending their hard-earned money back home. This gap has created opportunities for fintech companies to step in.
Platforms such as TransferGo and GCash now provide instant and secure fund transfers to the Philippines, giving families easier and faster access to financial support regardless of location.
Finance Secretary Go has also expressed the possibility of using cryptocurrency as a medium for remittances for Filipinos, revolutionizing the padala system for OFWs.
DOPAY, powered by blockchain technology, is leading the charge towards cryptocurrency facilitation of remittances for OFWs.
Through its combined e-wallet and crypto wallet service, DOPAY offers payment, remittance, and financial accessibility, leveraging electronic money issuance and cryptocurrency exchange to expand options for OFWs – all in one place.
Filipinos abroad need not worry – DOPAY is regulated by the Bangko Sentral ng Pilipinas (BSP) and is licensed as both an Electronic Money Issuer (EMI) and a Virtual Asset Service Provider (VASP), allowing it to offer secure and regulated digital financial services.
Through the DOPAY app, users can securely transfer funds and cryptocurrencies with minimal fees compared to many traditional remittance channels.
Our user-friendly platform provides greater flexibility for OFWs by offering a more convenient and cost-effective way of sending their hard-earned money to their families around the world.
With DOPAY, OFWs can conveniently send money to their loved ones anytime and from anywhere, reducing the hassle and delays often experienced with traditional remittance services. By offering faster, secure, and accessible digital transactions, the platform aims to make sending financial support home a simpler and more efficient experience.
Download the DOPAY app today!
