The House of Representatives has passed on second reading House Bill 10959, a legislative measure designed to enhance financial safeguards and provide benefits for overseas Filipino workers (OFWs). The bill, which consolidates several proposals including House Bill 4257 by OFW Party-List Rep. Marissa Magsino, seeks to lower remittance fees, curb exploitative practices, and promote financial literacy for OFWs and their families.
Key provisions in HB 10959 include a mandated 50 percent discount on remittance fees for transactions sent to immediate family members in the Philippines, with remittance centers able to claim the discounts as tax-deductible expenses.
Rep. Magsino highlighted in a the Manila Standard report the significance of the bill, emphasizing that it aims to uphold the rights and well-being of OFWs by preventing high remittance fees and interest rates and ensuring minimal financial losses for workers.
The bill also restricts banks and financial institutions from increasing remittance fees without prior consultation with the Department of Finance (DOF), Bangko Sentral ng Pilipinas (BSP), and Department of Migrant Workers (DMW). Institutions that fail to comply with these measures will face specified penalties.
Additionally, the bill mandates free financial education programs for OFWs and their families, coordinated by the DMW in partnership with OWWA, DOF, and BSP. These programs, integrated into Pre-Departure Orientation Seminars and supported through Post-Arrival Training in host countries, will cover topics such as consumer protection, mortgage assistance, and loan management.
