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[QUOTE]Originally posted by mizzou7: [QB] Latest News - April 17 2006 Kirby Manuel has arrived in the Philippines ahead of proposed talks with Philippine bank networks. According to a Marketwatch press release, "the government of the Philippines said its economy grew at the fastest pace in more than eight years because workers overseas sent home more money than ever -- $10.8 billion. Remittances, when workers send money back to their home country, are a big part of developing countries' economies. Fees charged by many smaller operators are exorbitant -- as much as 30%, according to one Interpol study. This historically has sent people to the black market, which account for more than $1 trillion per year in money transfers, according to some government estimates. Legitimate money transfers total more than $150 billion per year, according to an industry report, double what they were 10 years ago. Growth is estimated at 28% per year, according to a Nilson Report, which tracks money transfers and other consumer-payment systems as well as alternative banking methods. The Philippines, for example, has seven million overseas workers and the Philippines reports remittances account for more than 10% of its total economic revenue." PayChest Inc. plans to partner with the 2 major Philippine bank networks to offer transaction processing for individuals who do not have a credit card but have local bank debit accounts. With transfer costs set to drop as a result, the number of immigrant workers can have an alternative means to transfer their funds back home. "It seems as though hard work is paying off -- in more ways than one." The PayChest Team [/QB][/QUOTE]
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