Republic of the Philippines
HOUSE OF REPRESENTATIVES
Quezon City, Metro Manila

TWENTIETH CONGRESS,
First Regular Session

HOUSE BILL No. 459

Introduced by Representative Crispin Diego “Ping” D. Remulla

AN ACT
ENHANCING THE FINANCIAL LITERACY OF OVERSEAS FILIPINO WORKERS
(OF WS), AND FOR OTHER PURPOSES

EXPLANATORY NOTE

Overseas Filipino Workers (OFWs) are regarded as modern-day heroes, playing a
crucial role in sustaining the Philippine economy through theit remittances. According to the
Bangko Sentral ng Pilipinas (BSP), cash remittances from OFWs reached a record high of
$34.49 billion in 2024, continuing to be a major driver of economic activity. These remittances
account for approximately 10% of the country’s gross domestic product (GDP), highlighting
the indispensable contribution of OF Ws to national development.

However, despite their significant economic contributions, many OFWs and their
families remain vulnerable to financial instability due to inadequate knowledge and training in
the management of their money. A study conducted by the Philippine Institute for Development
Studies, which was reported in 2024 by GMA News, found that the financial literacy initiatives
for OFWs are not effectively reaching OF Ws.

To address these gaps, this proposed measure seeks to institutionalize the mandatory
and comprehensive financial literacy training program for all OFWs. In addition, these
trainings will be integrated into the Pre-Departure Orientation Seminars (PDOS) and will also
be required at the Post-Arrival Training Seminars (PATS).


By enhancing the financial literacy of our OF Ws, this measure empowers them to make
sound economic decisions that will protect their hard-earned income and secure the financial

future of their families.

In view of the foregoing, the approval of this measure is earnestly sought.

CRISPIN DE ING” D. REMULLA


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Republic of the Philippines
HOUSE OF REPRESENTATIVES
Quezon City, Metro Manila

TWENTIETH CONGRESS
First Regular Session

459

HOUSE BILL NO.

Introduced by Representative Crispin Diego “Ping” D. Remulla

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:

SECTION 1. Short Title. — This Act shall be known as the “OFWs Financial Literacy
Enhancement Act.”

SEC. 2. Declaration of Policy. — The State recognizes the valuable contributions of
Overseas Filipino Workers (OFWs), to the national economy through their foreign exchange
remittances. As such, the State shall take appropriate measures to protect and ensure OF Ws’
financial and economic well-being by promoting and providing mandatory financial literacy
programs that will educate, train and provide them with necessary knowledge and skills to
protect their earnings, resources, investments, remittances, and to manage their debts, credits,
and other financial transactions.

SEC. 3. Mandatory Financial Literacy Training Seminar. — All OF Ws shall undergo
mandatory financial literacy orientation seminars which shall be an integral part of the Pre-
Departure Orientation Seminar (PDOS). An OFW who enters a new contract shall likewise be
required to undergo Post-Arrival Training Seminars (PATS) on financial literacy within a
reasonable time from their arrival in the country of destination.

Financial literacy training may also be incorporated into Pre-Migration Orientation
Seminars (PMOS), OF W family and children’s circles learning session and other training


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programs under the Department of Migrant Workers (DMW) and other relevant agencies
mandated to protect the welfare of OFWs.

SEC. 4. Participating Agencies. — The PDOS and PATS shall be primarily conducted
by the DMW, as the lead agency, in coordination with the Department of Finance (DOF), the

Overseas Workers Welfare Admii

stration (OWWA), and accredited PDOS providers across
the country, including the embassies or consulates in the country of destination.

As lead agency, the DMW, in coordination with the DOF, Bangko Sentral ng Pilipinas
(BSP), OWWA, Department of Information and Communications Technology (DICT), and
Securities and Exchange Commission (SEC), is tasked to:

a

)

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Formulate training modules on financial literacy;

Initiate and conduct training programs on financial management and responsibility;

Apprise OFWs on, among others, the advantages and benefits of financial
‘opportunities;
ry)

Ensure the accessibility of qualified online financial and economic advisors and/or
counselors; and

e)

Disseminate knowledge-expanding activities that promote financial literacy among
OFWs and their dependents.

SEC. 5. Free Financial Literacy Training Programs. — Training programs undertaken
under this Act shall be free of charge.

‘The DMW, in coordination with the relevant participating agencies shall educate OFWs
on how to protect their earnings, savings and investments, with emphasis on how to prioritize
savings, manage their income and debts, and use their remittances for productive and
sustainable purposes to futureproof their hard-earned money.

Financial literacy programs shall include lectures and discussion on topics such as
financial planning, saving and budgeting, debt management, financial products, such as stocks,
bonds, insurance, mutual funds, digital financial literacy, cyber-hygiene, data integrity, fraud
and scam prevention, financial consumer protection, financial patterns, practices and culture of
the country of destination, and other topics which may be deemed relevant by the concerned
government agencies.

SEC. 6. Penalties and Administrative Liabilities. - Any unjustifiable refusal by a
government official or personnel tasked under this Act to provide financial literacy training or
seminar shall be punished with a fine of at least Fifty thousand pesos (P50,000.00) to One
hundred thousand pesos (P100,000.00), without prejudice to possible administrative sanctions

which may be imposed under existing laws, ranging from reprimand, suspension from office


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or dismissal from service, depending on the severity and frequency of such inaction or
violation.

SEC. 7. Appropriations. — The amount necessary for the implementation of this Act
shall be charged against the current year’s appropriations of the concemed agencies.
Thereafter, the amount necessary shall be included in the annual General Appropriations Act.

SEC. 8. Implementing Rules and Regulations. — Within ninety (90) days from the
approval of this Act, the Secretary of the DMW, in consultation with the Secretary of the DOF,
the Governor of the BSP, the Administrator of OWWA, together with the heads of other
relevant government agencies, shall promulgate the necessary rules and regulations for the

effective implementation of this Act.

SEC. 9. Separability Clause. — If for any reason, any provision of this Act is declared
unconstitutional or invalid, such parts not affected thereby shall remain in full force and effect.

SEC. 10. Repealing Clause. — All laws, decrees, executive orders, rules and regulations
and other issuances or parts thereof which are contrary to or inconsistent with this Act are
hereby repealed, amended or modified accordingly.

SEC. 11. Effectivity. - This Act shall take effect fifteen (15) days after its publication

in the Official Gazette or in any two (2) newspapers of general circulation.

Approved,