Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Constitution Hills, Quezon City 
NINETEENTH CONGRESS 
First Regular Session 
House Bill No._____ 
________________________________________________________________ 
Introduced by: REPRESENTATIVE EDWIN L. OLIVAREZ 
EXPLANATORY NOTE 
There are approximately 10 million Overseas Filipino Workers (OFWs). 
This huge number translates to substantial remittances in the country which in 
turn translate to economic growth. Considering that the OFWs contribute largely 
for the benefit of our country, this Bill is intended to encourage the OFWs to 
contribute in a sovereign fund which will be beneficial to both for the OFWs and 
the government. 
The OFW Sovereign Fund is intended to provide for a safe alternative for 
OFWs and their immediate family members in investing their hard-earned 
income to be used for significantly urgent national government and private 
projects with strong emphasis on productive and job-generating industrial or 
agricultural projects. Through the OFW Sovereign Fund, the government is able 
to provide an avenue for the OFWs to better utilize their monies while 
simultaneously contributing to the creation of programs and plans that are of 
national importance. In view of the foregoing, the passage of this Bill is earnestly 
sought. 
EDWIN L. OLIVAREZ 
January 19, 2023
3:48 pm
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Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Constitution Hills, Quezon City 
NINETEENTH CONGRESS 
First Regular Session 
House Bill No._____ 
________________________________________________________________ 
Introduced by: REPRESENTATIVE EDWIN L. OLIVAREZ 
AN ACT CREATING THE OVERSEAS FILIPINO WORKERS (OFW) 
SOVEREIGN FUND 
Be it enacted in the Senate and the House of Representatives of the Republic of 
the Philippines in Congress assembled: 
SECTION 1. Title. - This Act shall be known as the “Overseas Filipino 
Workers (OFWs) Sovereign Fund Act of 2023”. 
SECTION 2. Declaration of Policy. - It is hereby declared the policy of 
the State to create a system that will help generate revenue in order to improve 
and create programs which shall be beneficial to its contributors and as well as 
the government. 
SECTION 3. Investment Program. - The Bureau of Treasury shall create 
a program specifically designed to encourage all OFWs, their immediate family 
members and other Filipino citizens overseas, to invest their monies remittances 
with the government, defining guidelines therefor, including the minimum 
amount acceptable for investment, terms of the investment and interest rates. 
SECTION 4. Overseas Filipino Workers as Investors. - This Act shall 
cover all current and former OFWs and their immediate family members. If 
unmarried, this Act shall also cover their siblings. Other Filipinos overseas are 
also covered by this Act as long as they are citizens of the Philippines. 
SECTION 5. Proof of Identification and Prohibitions thereon. - Those 
under the coverage of this Act as defined in Section 4 hereof shall be required to 
show proof of their identity as such through their Overseas Employment 
Certificates (OECs), birth certificates, marriage contracts, proof of Filipino 
citizenship and other verifiable authentic documents. The use of dummies by 
persons, corporations or other entities not under the coverage of this Act and/or 
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the submission of fake or forged documents to facilitate the participation in the 
program and to benefit from it shall be punished according to existing laws. 
 
SECTION 6. Creation of OFW Sovereign Fund. - For the purpose of 
proper monitoring of the investments made by OFWs and its use, the Bureau of 
Treasury shall create a separate special fund to be referred to as OFW Sovereign 
Fund, where all investments made by all OFWs, their immediate family members 
and other Filipino citizens overseas, under the program herein created shall be 
initially lodged, until it is utilized by the government for its select key project. 
 
The proceeds of all the investments lodged in the OFW Sovereign Fund 
shall be used solely by the national government to finance significantly urgent 
national government and private projects with strong emphasis on productive and 
job-generating industrial or agricultural projects, as may be directed by the 
President. The significantly urgent national government projects referred to 
herein shall include the purchase or establishment by the government of strong 
cash-generating private corporation or government-owned and controlled 
corporations, respectively, in enterprises related to the downstream petroleum 
industry, electric power generation, transmission and distribution industry, 
information and communications technology industry, and other enterprise that 
shall dissuade away the government from heavy reliance on taxes and fees as its 
main source of revenues. 
 
The infrastructure and government offices to be built through the income 
generated for such funds can be supplemented by other funds of the government. 
 
No amount from the OFW Sovereign Fund shall be released for current 
needs of government like personal services, maintenance and other operating 
expenses nor for any capital outlay inconsistent with the aforementioned projects. 
 
The Bureau of Treasury, shall, in coordination with the Department of 
Budget and Management and the Commission on Audit, make an accounting of 
all the receipts and disbursements from the OFW Sovereign Fund. It shall prepare 
an annual report to be submitted to the Senate and the House of Representatives 
not later the 30th of April of the succeeding year. 
 
SECTION 7. Tax Exemption of Interest Income and other Earning from 
Investment in the OFW Sovereign Fund. - The earnings of OFWs and former 
OFWs, their immediate family members and their siblings, if unmarried, and 
other Filipino citizens overseas, from their investments in the bonds or other debt 
or investment instruments that the government shall issue in the implementation 
of this Act, shall be exempted from any and all kinds of taxes. 
 


SECTION 8. Strong Information Drive. - To ensure the success of this 
Act, the Bureau of Treasury is directed to regularly adopt a strong information 
drive, with assistance from relevant agencies of government it may deem 
appropriate, that shall help notify and educate all OFWs about the program, the 
creation and purpose of the OFW Sovereign Fund and how investment in the fund 
will be mutually-beneficial to the OFW and the government. 
 
SECTION 9. Implementing Rule and Regulations. - The Treasurer of the 
Philippines, in consultation with other concerned government agencies, including 
the House Committee on Overseas Workers Affairs and the Senate Committee 
on Labor, Employment and Human Resources Development shall, within ninety 
(90) days from the effectivity of this Act, promulgate such rules and regulations 
necessary to implement this Act. 
 
SECTION 10. Separability Clause. - If any provision of this Act is 
declared unconstitutional or otherwise invalid, the validity of the other provisions 
shall not be affected thereby. 
 
SECTION 11. Repealing Clause. - All laws, decrees, orders, rules and 
regulations or parts thereof inconsistent with this Act are hereby repealed or 
modified accordingly. 
 
SECTION 12. Effectivity. - This Act shall take effect fifteen (15) days 
after its publication in the Official Gazette newspaper 
of general circulation. 
 
Approved,