Cost of sending money to PH the lowest in regionBy The Manila Timeshome/Business/Top Business/Cost of sending money to PH the lowest in regionHigh remittance costs are limiting the gains that migration delivers to poor and developing countries, the World Bank said, but the Philippines appears to be an exception. In a report, the World Bank said remittance fees to the Philippines were among the lowest in East Asia and the Pacific, in particular tagging the process of sending $200 from Singapore, the United Arab Emirates, Kuwait, Spain and Malaysia as the “5 lowest cost corridors”. At an average of 3.5 percent, this was significantly lower than the 15 percent for Thailand, which accounted for 4 of the 5 highest cost corridors. These involved sending money to Indonesia, Vietnam, Laos and China, with the fifth going to South Africa for transactions involving China. The country was the second-highest recipient of remittances in East Asia and the Pacific, next only to China’s $67.4 billion.

Source: Manila Times April 09, 2019 16:30 UTC