MANILA, Philippines — The House of Representatives on Tuesday approved on third and final reading the proposed Free OFW Financial Education Act.
A total of 179 lawmakers voted for House Bill 10914.
“This landmark legislation ensures that our overseas Filipino workers (OFWs) and their families will receive free comprehensive financial education, equipping them with the knowledge and tools they need to secure their financial future,” Speaker Ferdinand Martin Romualdez said.
“Through mandatory financial literacy training integrated into pre-departure and post-arrival seminars, along with online resources for OFW families, we are creating a support system that will help OFWs maximize their hard-earned income and protect them from financial scams and pitfalls,” Romualdez said.
According to a press release from the House chief’s office, the bill requires “OFWs to undergo continuously updated financial education or literacy training seminars as part of their Pre-Departure Orientation Seminars (PDOS) and Post-Arrival Training Seminars (PATS).”
Under the bill, Filipino seafarers may attend the seminars at their points-of-hire or within a reasonable time after returning to the Philippines.
“Families of OFWs throughout the Philippines shall likewise be equipped with financial education and knowledge through on-line seminars and other feasible and effective means”, the bill reads.
It states that the PDOS and PATS “shall be primarily conducted by the Department of Migrant Workers (DMW), as the lead agency, in coordination with the Overseas Workers Welfare Administration (OWWA), the Department of Finance (DOF), the Bangko Sentral ng Pilipinas (BSP), the Department of the Interior and Local Government (DILG) and all the barangays under it, and the accredited PDOS providers across the country, including the embassies or consulates, whichever may be available, in the countries of destination.”
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