Interesting development taking place for Philippines. Considered to be one of the safest countries to send money, now no more. Banks are severing their tie-ups with Philippines based banks – citing the risk that was associated with doing business in Philippines due to the recent central bank heist where US$ 81 Million was siphoned away – using the Philippines banking channel. Remittances are definitely going to be affected.
Not good news for the PH market.
The Finance Department pushed for changes in the Anti-Money Laundering Act, after several foreign banks cut ties with money transfer operators servicing migrant Filipinos.