POEA ADVISORY NO. 29, S. 2010

: Republic Act 10022, which amends Republic Act 8042 or the Migrant Workers and Overseas Filipino Act, exempts OFW remittances from DST.
: The DST was P0.30 for every P200 remitted.
: The OFW beneficiary or recipient must show proof of entitlement to the remittance to claim exemption from DST.
: Section 181 of the National Internal Revenue Code imposed the DST on remittances.
: An OFW would pay P32.64 in DST for every $500 remitted based on the exchange rate used in the advisory.
: OFWs also pay service fees charged by foreign and local banks plus a P0.50 dollar margin domestic banks charge when paying out remittances in pesos.
: 1.4 million OFWs were recorded as deployed in 2009.
: The total remittance amount was P17 billion in 2009.
: Approximately $1.4 million in DST was collected monthly from OFW remittances.
: The Department of Finance projected $19 billion worth of remittances in 2010.
: The Philippine government is estimated to forego $1.3 billion in revenues annually due to the DST exemption.
: OFWs save the amount previously paid as DST, which increases their net remittance received by beneficiaries.