Two House bills aimed at providing benefits for overseas Filipino workers (OFWs) have been approved for second reading by the House of Representatives on Monday.
The first bill, HB 10959, also known as the Overseas Filipino Workers Remittance Protection Act, seeks to offer a 50% discount on remittance fees for OFWs sending money to their families in the Philippines. The bill, principally authored by Deputy Speaker Aurelio “Dong” Gonzales Jr., aims to ease the financial burden on OFWs who are supporting their loved ones back home.
Tingog Party-list Representative Jude Acidre, a member of the House Committee on Overseas Workers Affairs, explained that the bill encourages remittance centers to provide discounts as an incentive for OFWs, who often face high remittance costs. Acidre added that remittance centers offering such discounts could claim them as tax deductions based on the cost of services rendered to OFWs, allowing these discounts to be treated as ordinary and necessary expenses deductible from their gross income.
The second bill approved for second reading, HB 10914, focuses on providing financial education to OFWs and their families. This bill, which Acidre also co-authored, aims to protect OFWs from falling victim to investment scams and to promote financial literacy.
HB 10914 mandates that financial literacy training be incorporated into the Pre-Departure Orientation Seminar (PDOS) for outgoing OFWs and the Post-Arrival Training Seminars (PATS) for those arriving at their destination countries. The goal is to equip OFWs with the knowledge and skills to manage their finances effectively, save, and avoid risky financial ventures.
Both bills are steps toward improving the financial well-being and protection of OFWs, who play a vital role in the Philippine economy.
