Many Filipinos move out and away from the country to work and provide their families everything they need. Though it is hard and they face a lot of difficulties being alone in a place away from their loved ones, they still endure all those things.
Because of that, Filipinos from all over the world contribute as the second-largest source of remittance to the Philippines. According to BSP (Bangko Sentral ng Pilipinas) Governor, Amando Tetangco, Jr., remittance of OFWs has reached $2.7 Billion in March 2016.
But did you know that a sender’s remittance should not exceed their income? A published article from Arab News explained that this new mechanism is a project by Finance Ministry, the Saudi Arabian Monetary Agency which aims to control transfers to detect any transfer that could be a result of concealed, even c******l, actions.
Read the whole article below: (Arab News)
“JEDDAH: A new mechanism is being planned that would compare remittances with the senders’ incomes. The first of its kind project is the brainchild of the Finance Ministry, the Saudi Arabian Monetary Agency and other relevant bodies. It aims to control the transfers as authorities detected that thousands of foreign workers transfer amounts that exceed their incomes. These incomes might be the result of concealed, even c******l, actions, said sources.
They said the new regulation, now under consideration, will be launched soon and will contribute to limiting labor market irregularities and violations that increase the illegal income of expatriates.Any income obtained by foreign workers will be linked with banks, without exception, through a unified network.”
SOURCE : OFW Update