NEWS ARTICLES:
1. OFWs lost P50B from forex markup fees–fintech exec - (Business Mirror)
Filipino migrant workers reportedly lost around P50 billion in 2024 due to foreign exchange (forex) markups when sending money home. The figure highlights how exchange-rate differences and transfer fees can significantly reduce the value of OFW remittances.
The issue emphasizes the importance of providing OFWs with greater transparency and access to competitive remittance services. For industry partners, financial awareness is an important part of supporting the overall welfare of Filipino workers abroad.
2. Three Central Visayas OFW Entrepreneurs Reach LIKHAng Marino 2026 Regional Business Pitch - (Department of Migrant Workers)
OFWs reportedly lost around P50 billion in 2024 because of foreign exchange markups when sending their earnings to the Philippines. These additional costs can reduce the amount received by families from hard-earned salaries abroad.
OFWs are encouraged to compare exchange rates, transfer fees, and the final amount received when choosing a remittance service to help maximize the value of their earnings.
3. 24 hours or 6? OFW Lounge rule cleared up for Filipino workers - (Gulf News)
OWWA clarified that the 24-hour rule refers to an OFW's eligibility to use the NAIA OFW Lounge, while the normal maximum stay is six hours per visit. The lounge is available to OFWs with a confirmed domestic connecting flight within 24 hours of their international arrival.
The clarification is particularly useful for agencies and partners assisting returning OFWs with connecting flights. Special extensions may be considered for certain circumstances, including medical needs, senior citizens, and persons with disabilities, subject to lounge capacity.
4. Stronger yen could boost Japan OFW remittances but raise travel costs - (Daily Tribute)
A potential strengthening of the Japanese yen, driven partly by expectations of faster Bank of Japan interest-rate increases, could benefit Filipino OFWs in Japan by increasing the peso value of their remittances. However, a stronger yen could also make travel and other expenses in Japan more expensive.
The development highlights how currency movements can affect both the purchasing power of OFW earnings and the cost of living abroad, making financial planning increasingly important for migrant workers.
5. Philippines, Romania Push To Renew Labor Pact To Strengthen OFW Protections - (PageOnePH)
The Philippines and Romania are working to renew their labor cooperation framework to strengthen the protection of Filipino workers in Romania. Discussions focus on ethical recruitment, fair employment conditions, employer accountability, and social protection for Filipino workers.
Both countries also agreed to convene the first Joint Committee Meeting under their 2021 Memorandum of Understanding. The renewed cooperation aims to promote safer, more transparent, and more responsible labor migration between the two countries.
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