TWENTIETH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES 
First Regular Session
25 JIJL-3 P431
SENATE 
S. No. 90
Introduced by Senator Raffy T. Tulfo
AN ACT
PROVIDING FOR A FREE FINANCIAL EDUCATION TO OVERSEAS FILIPINO 
WORKERS AND THEIR FAMILIES
EXPLANATORY NOTE
Financial literacy is defined as the ability to effectively apply financial skills for 
budgeting, investing, and overall management of personal finances. According to the 
Banko Sentral ng Pilipinas (BSP), the average Filipino remains to have low levels of 
financial literacy which make them have a difficult time making important decisions 
regarding savings, investments, loans, and many more. The onslaught of the COVID-19 
pandemic showed all Filipinos the importance of financial safety and stability in times of 
economic depression.
In relation to this, numerous Overseas Filipino Workers (OFWs) are victimized by 
various investment and online scams. Due to a lack of financial knowledge, a great 
number of OFWs are exploited and swindled off their hard-earned money and return 
home to their families empty-handed. As such, financial education remains the key 
component to equip Filipinos, most importantly OFWs, with the skills and knowledge to 
make sound financial choices.
The proposed measure aims to provide financial literacy training programs for 
OFWs, that is free-of-charge, as a pre-departure and post-arrival seminar in order to 
promote and develop financial responsibility. Upon doing this, the State shall aid in the


development of OFWs' financial Independence by providing them with the tools to better 
manage their finances.
In view of the foregoing, the passage of this bili is earnestly sought
FYT. TULFO


TWENTIETH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES 
First Regular Session
25 JUL-3 P4 31
)
SENATE
s. No. .qn
Ri;c
Introduced by Senator Raffy T. Tulfo
AN ACT
PROVIDING FOR A FREE FINANCIAL EDUCATION TO OVERSEAS FILIPINO 
WORKERS AND THEIR FAMILIES
Be it enacted by the Senate and House of Representatives of the Philippines in Congress 
Assembled:
1 
Section 1. Short Title. - This Act shall be known as the "Free OFW Financial
2 
Education Act."
3 
Sec. 2. Declaration of Policy. - It is hereby deciared the poiicy of the State to afford
4 
full protection to labor - local and overseas - and promote full employment and equality
5 
of employment opportunities for ali.
6 
The State shall have the continuous duty to acknowiedge the valuable contribution
7 
of Overseas Filipino Workers (OFWs) to our economy through their remittances. In doing
8 
so, the State shali adopt measures that wiii take care of the weifare and benefits of OFWs
9 
and their families like the provision for a free financial education or iiteracy training to
10 
equip them with enough knowiedge for a proper and wise use of their hard-earned
11 
money.
12 
Sec. 3. Coverage.-J\\\s Act shali cover ali OFWs, either land-based or sea-based,
13 
documented or otherwise, and their families.
14 
Sec. 4. Mandatory Financial Education Seminar.- Ail OFWs shall undergo
15 
mandatory and continuously updated financial education or literacy training seminars
16 
which shall become an integral part of the Pre-Departure Orientation Seminars (PDOS)


1 
of departing OFWs. Moreover, Post-Arrival Training Seminars (PATS) on financial
2 
education or literacy shall likewise be required of OFWs within a reasonable time upon
3 
arrival in their respective countries of destination on their fist employment contract, or
4 
those who transfer from one place of work to another without stopping by the Philippines.
5 
Overseas Filipino Seafarers shall have the option of attending these continuously updated
6 
financial education or literacy training seminars at their respective points-of-hire, or within
7 
a reasonable time, after their return to the Philippines.
8 
Families of OFWs throughout the Philippines shall likewise be equipped with
9 
financial education and knowledge through on- line seminars and other feasible and
10 
effective means.
11 
Sec. 5. Participating Agencies. -The PDOS and PATS shall be primarily conducted
12 
by the Department of Migrant Workers (DMW), as the lead agency, in coordination with
13 
the Overseas Workers Welfare Administration (OWWA), the Department of Finance
14 
(DOF), the Bangko Sentral ng Pilipinas (BSP), the Department of the Interior and Local
15 
Government (DILG) and all the barangays under it, and the accredited PDOS providers
16 
across the country, including the embassies or consulates, whichever may be available,
17 
in the countries of destination.
18 
As the lead agency, the DMW is tasked to formulate training modules on financial
19 
education or literacy, initiate and conduct training programs on financial management
20 
and responsibility; apprise OFWs on financial opportunities and pitfalls, among others;
21 
ensure the accessibility of qualified online financial and economic advisors and/or
22 
counselors; and disseminate knowledge-expanding activities that promote financial
23 
education or literacy among OFWs and their dependents.
24 
Sec. 6. Free FinanciaiEducation Programs. - Financial education or literacy training
25 
programs undertaken under this Act shall be free-of-charge.
26 
The DMW shall, in coordination with the OWWA, the DOF, and the BSP, educate
27 
the OFWs and their families on the following financial subjects, issues or programs:
28 
Consumer Protection, Protection on Mortgaged or Collateralized Properties. Avoidance of
29 
Exorbitant Interests on Loans or Debts, and Credit information on Micro- and Small-Scale
30 
Enterprises to prospective lenders.


1 
Financial education shall also include information on Obligations and Contracts,
2 
Credit Transactions, Interests, Pledges, Mortgages, Guarantees, and Knowledge on
3 
Financial Products such as stocks, bonds, insurance, and mutual funds, which are
4 
available in the market.
5 
The DMW shall regularly coordinate with the Department of Information and
6 
Communications Technology and social media companies to disallow posts and messages
7 
that are meant to confuse, mislead, victimize, defraud or entice OFWs and their families
8 
to engage in gambling and other similar activities, including on-line scams, pyramiding
9 
schemes, and the like.
10 
Sec. 7. Implementing Rules and Regulations. - Within ninety (90) days from the
11 
approval of this Act, the Secretary of the DMW shall, in consultation with the Administrator
12 
of the OWWA, the Secretary of the DOF, the Governor of the BSP, and the Secretary of
13 
the DILG, promulgate the necessary rules and regulations for the effective
14 
implementation of this Act.
15 
Sec. 8. Repealing Clause. - All laws, decrees, executive orders, issuances, rules
16 
and regulations which may be inconsistent with any of the provisions of this Act are
17 
hereby deemed repealed, amended or modified accordingly.
18 
Sec. 9. Separability Clause. If any provision of this Act is held unconstitutional or
19 
invalid, such holding shall not affect other provisions not affected thereby.
20 
Sec. 10. Effectivity. -This Act shall take effect fifteen (15) days after its publication
21 
in the Official Gazette or in a newspaper of general circulation.
Approved,