NINETEENTH CONGRESS OF THE ) 
REPUBLIC OF THE PHILIPPINES )
First Regular Session 
)
SENA5?)7ft 
S.B. No. cU7o
23 ^PR 19 P1 :29
R^cEiyso sv
Introduced by: Senator Raffy T. Tulfo
AN ACT ENHANCING THE FINANCIAL LITERACY OF OVERSEAS FILIPINO 
WORKERS (OFWs), AND FOR OTHER PURPOSES
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 bill Is earnes^ sought


NINETEENTH CONGRESS OF THE ) 
REPUBLIC OF THE PHILIPPINES )
First Regular Session 
)
SENATE
S.B. No. 2078
Senate
23 M’R 19 PI 29
RUCEIV?:D
Introduced by: Senator Raffy T. Tulfo
AN ACT ENHANCING THE FINANCIAL LITERACY OF OVERSEAS FILIPINO 
WORKERS (OFWs), AND FOR OTHER PURPOSES
Be it enacted by the Senate and House of Representatives of the Philippines in 
Congress Assembled:
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Section 1. Short Title. - This Act shall be known as the "OFWs Financial
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Literacy Enhancement Act"
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Sec. 2. Declaration of Policy. -The State shall have the continuous duty to
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acknowledge the valuable contributions of Overseas Filipino Workers (OFWs), land-
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based or sea-based, to the national economy through their foreign exchange
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remittances. With that being said, the State shall take appropriate measures to ensure
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OFWs' financial and economic well-being by enhancing their financial literacy through
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education and proper training that will provide them with the necessary skills to
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protect all matters regarding their assets and liabilities such as their resources,
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investments, debts, credits, and other financial transactions.
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Sec. 3. Mandatory Financial Literacy Training Seminar. - All OFWs shall
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undergo mandatory financial literacy training seminars which shall become an integral
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part of the Pre-Departure Orientation Seminar (PDOS). Moreover, Post-Arrival Training
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Seminars (PATS) on financial literacy shall likewise be required of OFWs within a
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reasonable time upon their arrival in a country of destination on their first employment


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contract or those who transfer from one place of work to another without stopping by 
the Philippines.
Sec. 4. Participating Agencies. -The PDOS and PATS shall be primarily 
conducted by the Department of Finance (DOF), as the lead agency, in coordination 
with the Department of Migrant Workers (DMW), the Overseas Workers Welfare 
Administration (OWWA), and accredited PDOS providers across the country, including 
the embassies or consulates, whichever may be available, in the country of 
destination.
As the lead agency, the DOF is tasked to formulate training modules on 
financial literacy; initiate and conduct training programs on financial management and 
responsibility; apprise OFWs on financial opportunities and pitfalls among others; 
ensure the accessibility of qualified online financial and economic advisors and/or 
counselors; and disseminate knowledge-expanding activities that promote financial 
literacy among OFWs and their dependents.
Sec. 5. Free Financiai Literacy Training Programs. -Training programs 
undertaken under this Act shall be free of charge.
The DOF, in coordination with the DMW and the OWWA, shall educate the 
OFWs on the budgets and actual expenditures of government institutions, provide 
credit information on micro- and small-scale enterprises to prospective lenders, and 
prioritize the liens on real estate and movable collaterals used to secure loans. 
Financial literacy should include education on financial products, such as stocks, 
bonds, insurance, and mutual funds, which are available in the market.
Sec. 6. Pena!Provisions. -Any person or corporation who shall defraud an 
OFW by any of the means mentioned in Article 315 of the Revised Penal Code shall 
be considered as qualified estafa and would carry a penalty as provided therein.
Sec. 7. Implementing Rules and Reguiations. - Within ninety (90) days 
from the approval of this Act, the Secretary of the DOF, in consultation with the


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Secretary of the DMW and the Administrator of OWWA, shali promulgate the 
necessary rules and regulations for the effective implementation of this Act.
Sec. 8. Repealing Clause. - All laws, decrees, executive orders, and 
proclamations, rules, and regulations, or parts thereof inconsistent with this Act, are
Sec. 9. Separability Clause. - If any provision of this Act is held invalid or 
unconstitutional, the remaining parts or provisions not affected shall remain in full 
force and effect.
Sec. 10. Effectivity. - This Act shall take effect fifteen (15) days after its 
publication in the Official Gazette or in a newspaper of general circulation.
Approved,