OFW remittance bill hurdles Senate

The Senate on Monday approved on third and final reading a measure aimed at preventing unreasonable remittance fees for overseas Filipino workers (OFWs) and to strengthen transparency in their cash transfers.

With 21 affirmative votes, no negative vote, and no abstentions, Senators approved Senate Bill No. 1917, which aims to streamline remittance charges and requires full disclosure of fee structures for OFWs. It also mandates stakeholder consultations before any adjustments to fees are made.

“The passage of this bill brings us one step closer to a more just and protective system for our OFWs,” Senator Joel J. Villanueva, who sponsored the measure, told the plenary floor.

The measure orders remittance providers to clearly disclose their fees, charges, and foreign exchange rates.

Penalties for violation may include imprisonment between six months to six years and or a fine ranging from P50,000 to P750,000.

The bill also seeks to create a free mandatory financial literacy program for OFWs and their families through the Department of Migrant Workers and the Overseas Workers Welfare Administration.

“The passage of this bill is timely because it reinforces our commitment and duty to protect the fruits of their sacrifice and ensure that their hard-earned income reaches their families in full,” the senator added. — Adrian H. Halili