By Benny Reyes
MANILA — The Department of Finance is evaluating emerging digital payment technologies, including the possible use of stablecoins, as part of efforts to lower remittance costs for overseas Filipino workers.
Finance Secretary Frederick Go said reducing transfer fees would help ensure more of the money earned by Filipinos abroad reaches their families instead of being spent on transaction charges.
Go noted that remittance fees can reach as much as 10 percent in some cases, placing an additional burden on overseas workers.
To explore alternatives, the finance department has consulted members of the Fintech Alliance and other technology experts regarding digital payment platforms that could improve the speed and affordability of international fund transfers.
One proposal involves using stablecoins such as USDT as an intermediary for converting foreign currencies into Philippine pesos, potentially reducing processing costs and settlement times.
Go stressed, however, that the proposal is still under review and no implementation plans have been finalized pending further discussions with banks and financial service providers.
The government views lower remittance costs as a way to strengthen household incomes, given the important role remittances play in supporting millions of Filipino families and the broader economy.
The finance chief also welcomed recent efforts by local banks to waive certain transfer fees, saying affordable digital financial services can help expand financial inclusion across the country.
elamigo/
