TWENTIETH CONGRESS OF THE 
)
REPUBLIC OF THE PHILIPPINES 
)
First Regular Session 
)
‘i'-'-T I :
' of >i;-’ &■ . i'i.ii
25 AUG-4 P5 '] 1
S. No.
SENATE
848
RliCOVLD' BY:
Introduced by Senator Jinggoy Ejercito Estrada
AN ACT
ENHANCING THE FINANCIAL LITERACY OF OVERSEAS FILIPINO WORKERS 
(OFWS), AND FOR OTHER PURPOSES
EXPLANATORY NOTE
The Overseas Filipino Workers (OFWs), with their relatively higher earnings, 
regular remittances to their families, and constant use of digital platforms, are 
becoming chief targets of online scams. Nefarious elements take advantage of such 
attributes to trick and lure hapless OFWs into fraudulent activities and illegitimate 
investment opportunities. It is truly heartbreaking to hear stories of OFWs losing their 
hard-earned money and lifetime savings in an instant due to financial mismanagement 
or falling prey to con artists.
We thus welcome government initiatives aimed at assisting OFWs and their 
families in building their bright future through financial literacy trainings.
• The Bangko Sentral ng Pilipinas (BSP), together with the Overseas 
Workers Welfare Administration (OWWA) and BDO Foundation, launched 
PiTaKa or "Pinansyal na Talino at Kaalaman" which aims to equip OFWs


with the ability to better manage their remittances, get out of debt, set 
aside savings or make prudent investments.1
• 
In 2023, the Overseas Filipino Bank (a digital bank of Landbank), in 
cooperation with the Department of Migrant Workers (DMW) and OWWA 
conducted 1,230 financial education sessions for departing OFWs, 
reaching 60,283 attendees. It also collaborated with Public Employment 
Service Offices in key localities to conduct financial literacy sessions for 
the families of OFWs.2
• 
DMW partnered with the Philippine Stock Exchange and the Securities and 
Exchange Commission to provide financial literacy lessons and investment 
seminars to ensure that OFWs can invest their money in legitimate and 
profitable undertakings. The seminars also equip OFWs on how to avoid 
debt traps and credit card by mail schemes, which are common issues 
among Filipinos abroad.3
This measure, reported out by the Senate Committee on Migrant Workers 
during the 19th Congress, seeks to institutionalize into law and streamline ongoing 
efforts promoting financial literacy of our OFWs. This bili proposes all OFWs to undergo 
mandatory financial literacy orientation seminars which shall be an integral part of the 
Pre-Departure Orientation Seminar (PDOS). Financial literacy programs shall be free 
of charge and shall include discussion on topics such as financial planning, saving and 
budgeting, debt management, financial products like stocks, bonds, and insurance, 
among others.
Cash remittances of our OFWs hit a record-high of US$34.49 billion in 20244 
and continue to be a major driving force of the national economy contributing around 
10% of our gross domestic product (GDP). In view of their valuable economic
1 "BSP; OWWA and BOO Foundation Launch PiTaKa: A Financial Literacy Program for OFWs." February 18, 
2019. https://www.bsp.gov.ph/SitePaees/MediaAndResearch/MediaDisp.aspx?ltemld=4844
2 Overseas Filipino Bank 2023 Annual Report. Accessed through https://indd.adobe.eom/view/65000f7f-8ca3- 
48cd-b8a2-d845454albcf
3 "DMW partners with PSE, SEC in providing financial literacy seminars for OFWs." March 2, 2024. 
https://www.abs-cbn.com/news/2024/3/2/dmw-partners-with-pse-sec-in-providing-financial-literacv-
seminars-for-ofws-1216
^ https://www.bsp.gov.ph/Statistics/External/ofw2.aspx


contribution, the need to empower OFWs toward financial freedom, and ensuring that 
their hard work will redound to the upliftment of their families, the passage of this 
legislation is earnestly sought.
INC^OY EJERCITO ESTRADA


TWENTIETH CONGRESS OF THE 
)
REPUBLIC OF THE PHILIPPINES 
)
First Regular Session 
)
S. No.
SENATE
848
i
I * * V.
of llu- (.I'l.u-p
25 AUG-4 P5:ll
RlX'EIVuO Bt
Introduced by Senator Jinggoy Ejercito Estrada
AN ACT
ENHANCING THE FINANCIAL LITERACY OF OVERSEAS FILIPINO WORKERS 
(OFWS), AND FOR OTHER PURPOSES
Be it enacted by the Senate and the House of Representatives of the Philippines in 
Congress assembled:
1 
Section 1. Short Title. - This Act shall be known as the "OFWs Financial Literacy
2 
Enhancement Act".
3 
Sec. 2. Declaration of Policy. -The State recognizes the valuable contributions
4 
of Overseas Filipino Workers (OFWs), to the national economy through their foreign
5 
exchange remittances. As such, the State shall take appropriate measures to protect
6 
and ensure OFWs' financial and economic well-being by promoting and providing
7 
mandatory financial literacy programs that will educate, train and provide them with
8 
necessary knowledge and skills to protect their earnings, resources, investments,
9 
remittances, and to manage their debts, credits, and other financial transactions.
10 
Sec. 3. Mandatory Financial Literacy Training Seminar. -All OFWs shall undergo
11 
mandatory financial literacy orientation seminars which shall be an integral part of the
12 
Pre-Departure Orientation Seminar (PDOS). An OFW who enters a new contract shall
13 
likewise be required to undergo Post-Arrival Training Seminars (PATS) on financial
14 
literacy within a reasonable time from their arrival in the country of destination.
15 
Financial literacy training may also be incorporated into Pre-Migration
16 
Orientation Seminars (PMOS), OFW family and children's circles learning session and


1 
other training programs under the Department of Migrant Workers (DMW) and other
2 
relevant agencies mandated to protect the welfare of OFWs.
3 
Sec. 4. Participating Agencies. - The PDOS and PATS shall be primarily
4 
conducted by the DMW, as the lead agency, in coordination with the Department of
5 
Finance (DOF), the Overseas Workers Welfare Administration (OWWA), and
6 
accredited PDOS providers across the country, including the embassies or consulates
7 
in the country of destination.
8 
As lead agency, the DMW, in coordination with the DOF, Bangko Sentral ng
9 
Pilipinas (BSP), OWWA, Department of Information and Communications Technology
10 
(DICT), and Securities and Exchange Commission (SEC), is tasked to:
11 
a) Formulate training modules on financial literacy;
12 
b) Initiate and conduct training programs on financial management and
13 
responsibility;
14 
c) Apprise OFWs on, among others, the advantages and benefits of financial
15 
opportunities;
16 
d) Ensure the accessibility of qualified online financial and economic advisors
17 
and/or counselors; 
and
18 
e) Disseminate knowiedge-expanding activities that promote financial literacy
19 
among OFWs and their dependents.
20 
Sec. 5. Free Financial Literacy Training Programs. - Training programs
21 
undertaken under this Act shall be free of charge.
22 
The DMW, in coordination with the relevant participating agencies shall educate
23 
OFWs on how to protect their earnings, savings and investments, with emphasis on
24 
how to prioritize savings, manage their income and debts, and use their remittances
25 
for productive and sustainable purposes to futureproof their hard-earned money.
26 
Financial literacy programs shall include lectures and discussion on topics such
27 
as financial planning, saving and budgeting, debt management, financial products,
28 
such as stocks, bonds, insurance, mutual funds, digital financial literacy, cyber-
29 
hygiene, data integrity, fraud and scam prevention, financial consumer protection,
30 
financial patterns, practices and culture of the country of destination, and other topics
31 
which may be deemed relevant by the concerned government agencies.


1 
Sec. 6. Penalties and Administrative Liabilities. - Any unjustifiable refusal by a
2 
government official or personnel tasked under this Act to provide financial literacy
3 
training or seminar shall be punished with a fine of at least Fifty thousand pesos
4 
(P50,000.00) to One hundred thousand pesos (P100,000.00), without prejudice to
5 
possible administrative sanctions which may be imposed under existing laws, ranging
6 
from reprimand, suspension from office or dismissal from service, depending on the
7 
severity and frequency of such inaction or violation.
8 
Sec. 7. Implementing Rules and Regulations. - Within ninety (90) days from
9 
the approval of this Act, the Secretary of the DMW, in consultation with the Secretary
10 
of the DOF, the Governor of the BSP, the Administrator of OWWA, together with the
11 
heads of other relevant government agencies, shall promulgate the necessary rules
12 
and regulations for the effective implementation of this Act.
13 
Sec. 8. Separability Clause. - If for any reason, any provision of this Act is
14 
declared unconstitutional or invalid, such parts not affected thereby shall remain in
15 
full force and effect.
16 
Sec. 9. Repealing Clause. - All laws, decrees, executive orders, rules and
17 
regulations and other issuances or parts thereof which are contrary to or inconsistent
18 
with this Act are hereby repealed, amended or modified accordingly.
19 
Sec. 10. Effectivity. - This Act shall take effect fifteen (15) days after its
20 
publication in the Official Gazette or in any two (2) newspapers of general circulation.
Approved,