WTO calls for lower remittance fees

Economies still have a lot of work to do in bringing down remittance costs globally to three percent by 2030 and ensuring that the reductions translate to improvements in people's welfare, according to experts.

- JASPER EMMANUEL ARCALAS

World Trade Organization (WTO) deputy director general Xiangchen Zhang said the issue of cutting remittance costs remains a vital concern for developing countries, including the Philippines.

Zhang noted that discussions at the WTO on how the multilateral body could help achieve the Sustainable Development Goal (SDG) of cutting remittance charges remain in infancy.

The WTO official pointed out that not all members of the multilateral body are "on the same page" when it comes to the issue of remittance costs, citing the need to intensify "awareness" on the matter.

"This is a special issue for the Philippines and developing countries. The WTO cannot achieve this goal alone," Zhang told reporters in a recent press briefing here during the ongoing public forum hosted by the multilateral body.