Binay raises alarm over rising remittance fees

Vice President Jejomar Binay has expressed “deep concern” over the recent moves of United States (US) banks to restrict the use of their facilities for international money transfers in response to regulatory pressure from the US government.

“In particular, a plan to increase remittance fees would adversely impact [the] millions of Filipinos in the United States who regularly send money to their families in the Philippines,” Binay said in a letter to Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr.