/ TAG Group

How Filipino OFWs can control their own disbursments using Tagcash

One of the issues facing Overseas Filipino Workers (OFWs) today, especially the unbanked, is how to control the use of the money sent home to the Philippines. There are a lot of remittance services, banks, bitcoin and so on to transfer the money back, but when that money is sent, they have no control over how it is spent. At Tagcash we are working on offering a solution.

At the moment, anyone can deposit into a Peso Wallet by bank, 7-Eleven etc., or by adding Bitcoin (converted at the current rate into Pesos) But most unbanked OFWs don't use Bitcoin.

So we will be working with agents - the exchange shops that convert the local cash currency into Pesos - who will transfer those amounts into individual wallets. The OFWs can then decide to send small amounts to other wallet holders; send via the traditional cash out remittance centers; buy load; pay bills for relatives; buy gifts; lend money... and all the other services we have, or will add in the future.

It would be good to hear comments on this - as a foreigner living in The Philippines for over 5 years, I have some understanding of the issues, but I may be missing something...