NINETEENTH CONGRESS OF THE ) 
REPUBLIC OF THE PHILIPPINES )
Third Regular Session 
)
SENATE
S.B. No. 2792
„ 'uDflur of tl.f £■
24 AUG 19 P 3 58
UrCLii.o
(In Substitution of SB No. 2078)
Prepared by the Committee on Migrant Workers with Senator Tulfo as author
thereof.
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:
1
2
3
4
5
6
7
8 
9
10
11
12
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 OFWs' 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.


1
2
3
4
5
6
7
8 
9
10
11
12
13
14
15
16
17
18
19
20 
21 
22
23
24
25
26
27
28
29
30
31
32
Sec. 3. Mandatory Financial Literacy Training Seminar. -All OFWs 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 trainings may also be incorporated into Pre-Migration 
Orientation Seminars (PMOS), OFW family and children's circles learning session and 
other training 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 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 Sentra! ng 
Pilipinas 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


1
2
3
4
5
6
7
8 
9
10
11
12
13
14
15
16
17
18
19
20 
21 
22
23
24
25
26
27
28
29
30
31
32
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 discussions 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 TFIOUSAND 
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 provision of this Act is held invalid or 
unconstitutional, the remaining parts or provisions not affected shall remain in full 
force and effect.
Sec. 9. Repealing Clause. - All laws, decrees, executive orders, and 
proclamations, rules, and regulations, or parts thereof inconsistent with this Act, 
are hereby repealed or modified accordingly.


1
2
3
4
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,