Filipino workers abroad may eventually become among the losers if the Philippine government fails to resolve the $81-million money laundering issue, an advocate to rights of migrant workers told senators Tuesday.
Susan Ople spoke of the possible scenario during a Senate Blue Ribbon Committee investigation on the alleged money laundering which have been reportedly stolen from the account of the Bangladesh Bank in the US Federal Bank of New York and allegedly transmitted to a branch of Rizal Commercial Banking Corp. (RCBC) in Makati where the amount ended up in five separate accounts.
“Being blacklisted by FATF will mean higher cost of remittance for OFWs,” said Ople, referring to the policy making body dedicated to combat money laundering and terrorist financing.
“We at the Ople Center see a trend where OFWs would be forced to send money through big foreign banks that charge more and generally, offer inferior foreign exchange rates,” she said.
Ople said in her position paper submitted to the Committee that even without this issue, some foreign banks have already been earning more from dollar remittances Filipinos abroad send to local banks and remittance centers.
“We at the Ople Center see a trend where OFWs would be forced to send money through big foreign banks that charge more and generally, offer inferior foreign exchange rates,” she said.
Ople noted that at present, 14 countries and territories —among them USA, Hong Kong and Singapore — have already ordered the closure of bank accounts used by Philippine companies to handle OFW remittances.