The resulting significant reduction in fees influenced other non-bank remittance companies to lower their own remittance fees. The video also featured our Economic and Financial Learning Program. The EFLP is important, as we believe that a well-informed citizenry in economics and finance can contribute meaningfully to development, and can benefit more from the opportunities it brings.
To date, the program has reached 79 out of the 81 provinces. We also have financial learning campaigns for OFWs. This September, we sent financial education materials to embassies and consulates abroad to disseminate to OFWs. The video also mentioned our focus on consumer protection. In a recent diagnostic review, the World Bank described this focus as “impressive”.