Mei 2007
Advocacy for multibillion dollar remittance industry to adopt Transnational Community Benefits Agreement (TCBA)
Migrant Forum in Asia (MFA) and the Center for Migrant Advocacy (CMA) organized a press briefing on the Global Campaign Against High Cost of Remittances on 23 May 2007 at the Newsdesk in Quezon City, Philippines.
The Global Campaign Against High Cost of Remittances was launched in the United States by immigrant communities including Mexicans, Salvadorians, Somalis, Kenyans and Filipinos asking for the adoption of the “Transnational Community Benefits Agreements” (TCBA). The campaign calls for 1) the reinvestment of $1 per transaction to communities where the company profits; 2) adopt standards of fairness and respect; and 3) abide by corporate social responsibility criteria that promote the human rights of remitters and their families. As a leading competitor in the remittance market, immigrant groups are asking Western Union to set an example by adopting the TCBA. Campaign will also take shape in Asia and the Philippines.
With over 200 million migrants scattered across the globe supporting a population back home, remittances have riveted the attention of national and international governments and businesses alike. The Philippines, with 8 million Overseas Filipino Workers (OFW) living and working abroad, is no stranger to receiving remittances from overseas relatives. While some migrants use transfer services from banks, most used the services of a money transfer agency and charged 8-15% in fees and commissions, resulting in billions of lost income for low-income workers and their families.
In February of this year, Western Union announces increased of 600 more locations in the Philippines, increasing to over 6,000.
Last year Western Union made a total of 147 million transactions, which would have been a healthy fund for what would essentially be a Community Reinvestment Act applied to a company that controls 17.4 percent of the remittance market.
In 2006 Western Union's profits were nearly $1 billion, and in the past five years the company has nearly tripled the number of outlets, which today stand at 305,000 worldwide. Western Union has over 52,000 agent locations in 38 countries and territories of the Asia Pacific region.
Speakers in the briefing include Francis Calpotura, director of Transnational Institute for Grassroots Research and Action (TIGRA) and Rogelio Braga of Unlad Kabayan. TIGRA is a center for transnational organizing that promotes financial justice through the economic power of immigrants based in Oakland, CA. Unlad Kabayan, also a member of MFA, is a NGO of that builds and generates assets for the socio-economic upliftment of the poor by promoting social entrepreneurialship as an approach to development, based in Manila with projects in Lanao and Davao.
