The Senate approved on third reading two bills to safeguard remittances of overseas Filipino workers (OFWs) amid Middle East crisis concerns. These include transparency in remittance fees and free financial education. Sen. Joel Villanueva said it ensures every peso reaches OFW families.
Amid fears that the escalating Middle East crisis could jeopardize OFW jobs and fuel global inflation, the Senate approved Senate Bills 1917 and 1910 on third and final reading on Monday. SB 1917, the OFWs’ Remittance Protection Act, mandates remittance providers to disclose all fees and foreign exchange rates clearly to avoid excessive deductions. It bans sudden fee changes without stakeholder consultations and imposes penalties on violators. “Our OFWs are not only sending dollars, dirhams or euros. They are sending hope and a future for their families,” said bill sponsor Sen. Joel Villanueva. He added, “It is only right that we ensure that the fruits of their labor are protected and that every peso they send home reaches their loved ones more fully.” Villanueva noted many OFWs face an outdated system with excessive fees and hidden charges. “This bill is not anti-business. It advances a balanced system,” he stated. Meanwhile, SB 1910, the Free OFW Financial Education Act, requires free financial literacy seminars on investing, savings, and consumer protection before departure and upon return. It provides online access to financial advisers, funded by the national budget. The Department of Migrant Workers and Overseas Workers Welfare Administration will implement the programs. “Financial literacy is more than managing money. It is about dignity, security and giving our OFWs the tools to thrive both abroad and at home,” said Sen. Raffy Tulfo.
