NATCCO lowers OFW remittance fee to $1
Manila (6 September) -- Overseas Filipino Workers (OFWs) can now remit dollars to their families at a much lower dollar remittance fee of $1 for every $200 transaction through the National Cash Card program (N-Cash) of the National Confederation of Cooperatives (NATCCO).
N-Cash is a cash card system which can be used for a "Card-to-Card remittance, prepaid cell phone loading and bills payment. Through NATCCO's existing Internet facilities, cardholders could remit money to their families in the Philippines by only sending a text message. The maximum amount that can be remitted through the N-Cash is $2,000.
NATCCO's N-Cash Program, which is undertaken in coordination with the government-owned Development Bank of the Philippines (DBP) and Sen. Juan Miguel Zubiri, was launched yesterday at the Asian Institute of Management (AIM) in Makati.
According to Senator Zubiri, the remittances of OFWs are a key contributor to the economy and Bangko Sentral ng Pilipinas records showed that last year, Filipino workers sent $12.8 billion to their families in the Philippines. However, it cost the OFWs $1.7 billion in transaction fees to bring in the $12.8 billion, based on the current prevailing 13.5 percent remittance fee.
Once the OFWs use the N-Cash, the $12.8 billion remitted last year will now cost only $64 million and save the Filipino workers $1.663 billion.
N-Cash program will reduce the cost of dollar remittances from the current cost of $27 per transaction to just $1 per transaction.
NATCCO has a cooperation agreement with the iPay Solutions which will be its technology partners for the implementation of the N-Cash program. The agreement allows NATCCO to use the payment platform developed by iPay to offer its member cooperatives and individuals basic financial services that are more easy and convenient to use. (PIA-MMIO) [top]