Department of Finance (DOF) secretary Frederick Go has discussed measures to reduce the cost of sending money to the Philippines with global financial messaging network Swift and UK-based fintech company Revolut during the 2026 IMF-World Bank Annual Meetings in Bangkok, Thailand.
Go met with Swift CEO Javier Pérez-Tasso to explore ways to improve the speed, affordability, and transparency of cross-border payments, according to the DOF.
The discussions covered linking existing payment systems and working with banks and payment providers in major remittance markets to facilitate transfers to Philippine bank accounts and digital wallets.
Go said the government wants to address high transaction fees and foreign exchange spreads that reduce the amount overseas Filipino workers (OFWs) can send to their families.
The DOF also met with Revolut to discuss ways to make international transfers faster and more affordable and expand access to legitimate remittance channels.
Revolut’s interest in cross-border payments comes as the company explores establishing a Philippine entity to offer digital banking and electronic money issuer (EMI) services in the country.
In a separate development reported by Newsbytes.PH on Oct. 6, Revolut was evaluating corporate and regulatory structures that would allow it to secure digital banking and EMI licenses from the Bangko Sentral ng Pilipinas (BSP).
The company discussed its Philippine expansion plans with Department of Trade and Industry (DTI) secretary Cristina Roque during a meeting with Revolut global head of government affairs Adam Gagen at its London headquarters on Oct. 2.
The talks covered its proposed market entry and its existing Global Technology Hub in Manila.
The DTI said it offered to facilitate discussions between Revolut and relevant government agencies as the company examines regulatory requirements for its proposed investment.
Revolut opened its Manila technology hub in July 2025 to support operations across the UK, Europe, Asia-Pacific, and the Americas.
The discussions with the DOF could provide another avenue for cooperation on cross-border payments, although no specific commitments, implementation timelines, or target reductions in remittance fees were disclosed.
