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

NINETEENTH CONGRESS
Third Regular Session

HOUSE BILL No. 11134

Introduced by Representative Crispin Diego “Ping” D. Remulla

ENHANCING THE FINANCIAL LITERACY OF OVERSEAS FILIPINO WORKERS
(OFWs), AND FOR OTHER PURPOSES
EXPLANATORY NOTE
Overseas Filipino workers, through their billions of pesos in annual remittances, greatly
contribute to the Philippine economy. According to the Bangko Sentral ng Pilipinas (BSP),
remittances for 2023 accounted for about 8.5 percent and 7.7 percent of the country's gross
domestic product and gross national income, respectively. Be that as it may, many OFWs and
their families are often ill-equipped to manage their finances effectively, leading to poor

financial decisions, and an erosion of their life savings.

These issues underscore the need for targeted financial literacy programs that cater

specifically to OF Ws.

This bill seeks to integrate mandatory financial literacy training into existing seminars

for OFWs. By making financial literacy training mandatory, the bill ensures that OFWs are


equipped with the skills necessary to protect and grow their hard-earned money, and ultimately

make a better life for their families.

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

CRISPIN DIEGO “PING” D. REMULLA


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

NINETEENTH CONGRESS
Third Regular Session

HOUSE BILL NO. 11134

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. Title. This Act shall be known as “OF W Financial Literacy Enhancement
Act.”

SEC. 2. Declaration of Policy. The State recognizes the valuable contributions of
Overseas Filipino Workers (OF Ws), 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 OF W who enters a new contract shall likewise be


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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), OFW family and children’s circles learning sessions and other training
programs under the Department of Migrant Workers (DMW) and other relevant agencies
mandated to protect the welfare of OF Ws.

SEC. 4. Parti¢

jing 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 Administration (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 DOF, Bangko Sentral ng Pilipinas
(BSP), OWWA, Department of Information and Communications Technology (DICT) and
Securities and Exchange Commission (SEC), is tasked to 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; 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 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 future-proof their hard-earned money.


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Financial literacy programs shall include lectures and discussions on topics such as
financial planning, saving and budgeting, debt management, financial products, such as stocks,
bonds, insurance, mutual funds, digital financial literacy, data integrity, fraud and scam
prevention, online business, and other topics which may be deemed relevant.

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 (PHP 50,000.00)
to ONE HUNDRED THOUSAND PESOS (PHP 100,000.00), without prejudice to possible
administrative sanctions which may be imposed under existing laws, ranging from reprimand,
suspension from office or dismissal from service, depending on the severity and frequency of
such inaction or violation.

SEC. 7. 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. 8. Separability Clause. ~ If any part, section or provision of this Act is held
invalid or unconstitutional, other provisions not affected thereby shall remain in full force and
effect.

SEC. 9. Repealing Clause. — All laws, decrees, orders, rules and regulations or parts
thereof inconsistent with this Act are hereby repealed or amended accordingly.

SEC. 10. Effectivity Clause. — This Act shall take effect fifteen (15) days after its

publication in the Official Gazette or in a newspaper of general circulation.

Approved,