MoU between The Philippines and USA on Reducing Remittance Costs

The Philippines' Department of Finance has entered into bilateral negotiations with the US Treasury Department with the intent of reducing remittance costs. The means by which cost reduction is to be achieved is through the granting of rights to local banks to form agreements with their counterparts in the US, thereby enhancing access to the formal transfer systems and at the same time ensuring compliance with regulations concerning financial flows. A Memorandum of Understanding has been signed for the purpose. 

For more information:

• http://apmigration.ilo.org/resources/good-practices-and-provisions-in-m…

GFMD 2007 - Roundtable 2.1 "Improving the formalization of transfers and reducing their cost."

The US Treasury Department