DBP plans to fix peso dollar rate for benefit of OFWs, according to Balita.org.
"The Trade Union Congress of the Philippines (TUCP) has welcomed the plan of the state-run Development Bank of the Philippines (DBP) to offer overseas Filipino workers (OFWs) a fixed peso-dollar exchange rate.
This will soften the negative impact of the local currency's rise on the buying power.
Under the plan, OFWs may voluntarily subscribe to a program, under which they would agree to send home through DBP's remittance network a fixed amount of dollars every month for at least one year.
In return, the DBP would pledge to convert the dollars into pesos based on a pre-agreed exchange rate.
"We laud this initiative. This will not only protect OFWs and their families from further currency risks going forward, but also heighten competition in the remittance trade, which is crucially important in driving down excessive money transfer charges," TUCP spokesperson Alex Aguilar said."
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