Blockchain technology could eventually help overseas Filipino workers (OFWs) send money home more efficiently and reduce the costs associated with cross-border remittances, as Philippine technology firms explore new applications for digital financial services.
This is among the areas being explored by Xode Blockchain and remittance company I-Remit Inc. (iRemit) through a memorandum of agreement (MOA) signed on Oct. 31, 2026, at NUSTAR Resort in Cebu City.
The partnership aims to examine how blockchain infrastructure can support transaction verification, faster settlement and reconciliation processes, and secure digital records for international money transfers.
The initiative comes as remittances remain a major source of income for Filipino households.
Overseas Filipinos sent approximately US$35.6 billion in cash remittances through formal banking channels in 2025, according to Bangko Sentral ng Pilipinas data cited by Xode.
However, the cost of sending money across borders continues to affect how much beneficiaries receive.
A 2026 US Federal Reserve analysis of World Bank data cited by Xode placed the global average cost of sending US$200 at about 6.5% in 2025.
Xode Co-Founder Gahum Garcia said reducing transaction costs could help overseas Filipinos send more money to their families.
“Every peso saved on transaction costs is another peso that can go home to a Filipino family,” Garcia said.
He said working with an established remittance provider such as iRemit would allow the technology company to explore solutions that could make cross-border financial services more accessible, efficient and dependable.
The proposed applications would still need to meet applicable financial regulations and security requirements.
The agreement does not yet introduce a new remittance service or guarantee lower transfer fees, as both companies still need to assess the technical and commercial feasibility of potential solutions.
Xode also signed a separate agreement with IOT Technology Incorporated during the same ceremony to explore blockchain applications in business operations, artificial intelligence, connected devices and automation.
Potential applications include logistics and fleet management, industrial monitoring, automated workflows and connected enterprise systems.
The companies said combining blockchain infrastructure with connected technologies could help businesses improve operational efficiency, strengthen digital records and verify information more securely.
Xode is a Philippine-developed Layer 1 blockchain network that provides infrastructure for developers and organizations to build blockchain-based applications and services.
Garcia said the partnerships would allow the company to work with established businesses, identify industry needs and explore solutions that could benefit Filipino consumers and enterprises.
“We believe the Philippines should not only be a user of emerging technologies, but also a contributor to the technologies that will shape the future,” he said.
The MOA signing was held at Fili Ballroom 3 of NUSTAR Resort and attended by company representatives, business associates, invited guests and members of the media.
The organizations said succeeding efforts would focus on identifying potential applications and evaluating technical and commercial collaborations, with actual implementation subject to development requirements and regulatory approvals.
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