Filipino expatriates slam draft law that links regular remittance to passport renewal

Dubai: Filipino expatriates in the UAE slammed a draft law filed in Manila that would compel them to regularly send money to their family back home or risk not getting their passports renewed.

A draft law filed in the Philippine Congress aims to make remittances mandatory and regular for all Overseas Filipino Workers (OFWs) with legal dependants in the Philippines. Called House Bill 3576, the draft law, if approved, will authorise heads of Philippine missions to not renew passports of “erring OFWs” unless they show proof that they regularly send money home.

Read more

Peru received $2.7 bn in remittances during 2013

Last year Peru received $2.7 billion in remittances, a figure that represents a 2.9 percent drop compared with 2012, the central reserve bank said in a report to which Efe had access Monday.

In the fourth quarter of 2013, the money sent home by Peruvian emigrants totaled $708 million, some $8.5 million less than in the same period of 2012, according to the report.

Read more

The Post Office Banks on the Poor

ATHENS, Ga. — PEOPLE like to complain about banks popping up like Starbucks on every corner these days. But in poor neighborhoods, the phenomenon is quite the opposite: Over the past couple of decades, the banks have pulled out.

Approximately 88 million people in the United States, or 28 percent of the population, have no bank account at all, or do have a bank account, but primarily rely on check-cashing storefronts, payday lenders, title lenders, or even pawnshops to meet their financial needs.

Read more