Higher fees to weigh on OFW remittances

THE higher cost of remitting funds to the Philippines may slow the rise in cash remittances by overseas Filipino workers (OFW) this year, according to Metrobank Research.

In a research note, the think tank of Metropolitan Bank & Trust Co. said remittance centers are concerned about the money transfer firms that closed down in select countries last year to prevent the possibility of opening new channels of funding for terrorist activities.