The PhilPaSS REMIT System provides safer means for sending remittances via the formal banking channel at lower fees. It is also equipped with an efficient feedback mechanism that will enable OFW remitters to trace the status of their remittances. The Central Bank of the Philippines' Circular Letter No. CL-2010-080 to all banks and other financial intermediaries performing overseas remittance business enjoins them to participate in the PhilPaSS REMIT System.
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