Senate Passes Bills to Protect OFW Remittances

The Senate of the Philippines has approved two measures aimed at safeguarding the earnings of overseas Filipino workers (OFWs) and strengthening their financial security.

Senate Bills 1917 and 1910, both passed on third and final reading, seek to regulate remittance fees and provide free financial education for migrant workers.

Safeguards on Remittance Fees

Under SB 1917, remittance providers will be required to clearly disclose all charges and exchange rates, while prohibiting sudden fee increases. The bill also imposes penalties on firms that impose excessive or hidden charges.

Sen. Joel Villanueva, the bill’s sponsor, emphasized the need to ensure that OFWs’ hard-earned money reaches their families without unnecessary deductions.

Financial Literacy for OFWs

Meanwhile, SB 1910 mandates free financial education for OFWs, covering savings, investments, and consumer protection before and during their deployment.

Sen. Raffy Tulfo said the measure will help workers better manage and grow their income despite uncertainties abroad.

The programs will be implemented by the Department of Migrant Workers and Overseas Workers Welfare Administration.

Lawmakers underscored the urgency of the measures as global tensions continue to threaten jobs and remittance flows, particularly in the Middle East.