Given the delays as well as incidents of theft and robbery involving some couriers used by banks to deposit remittance funds to beneficiary accounts, PhilPass emerges as a safer, faster, and more efficient option for remitting overseas workers. Another highlight of this project is the agreement by participating banks to charge a significantly lower standard back-end processing fee of 50 pesos per remittance transaction.
Olli Rehn: Bretton Woods @ 75 – What Is New with the International Monetary System? Remarks by Mr Olli Rehn, Governor of the Bank of Finland, at the Panel Discussion on "Bretton Woods @ 75 – What Is New with the International Monetary System?" in the context of the IMF Spring Meetings, Washington DC, 12 April 2019.