TWO bills that would support overseas Filipino workers (OFWs) and their families were passed on second reading on Monday at the House of Representatives.
House Bill 10914, or the Free Financial Education Act for OFWs and Their Families, would mandate comprehensive financial literacy training as part of the Pre-Departure Orientation Seminars (PDOS) and Post-Arrival Training Seminars (PATS), while House Bill 10959, or the OFW Remittance Protection Act, would provide a 50 percent discount on remittance fees for funds sent to the Philippines by OFWs.
Both bills were sponsored by Tingog party-list Rep. Jude Acidre, who serves as the chairman of the House Committee on Overseas Workers Affairs.
Under House Bill 10914, financial literacy training will equip OFWs with “essential knowledge on consumer protection, credit management, and debt avoidance to help them safeguard their earnings.”
“This measure is designed to empower OFWs with the financial knowledge necessary to protect their hard-earned income,” Acidre said.
The Department of Migrant Workers, in cooperation with the Overseas Workers Welfare Administration, the Department of Finance, the Bangko Sentral ng Pilipinas, and other relevant agencies, will implement the program.
House Bill 10959, on the other hand, would incentivize banks and financial intermediaries that would offer the discount to claim it as a tax deduction.
Acidre said the bill would bring direct relief to OFWs by significantly reducing remittance costs.
“Additionally, it mandates prior consultation with the Department of Finance, Bangko Sentral ng Pilipinas, and the Department of Migrant Workers before any increases in remittance fees, ensuring transparency and accountability,” Acidre said.
“By reducing costs and providing financial education, we aim to support OFWs in achieving long-term stability for themselves and their families. I urge my colleagues to pass these measures, which address critical financial needs for our modern-day heroes,” he added.
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