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TWENTIETH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES 
First Regular Session
SENATE
s. NO. 806
25 AUG -4 PI 26
RECEIVED S'/.___ _
Introduced by Senator Loren Legarda
AN ACT
ENHANCING THE FINANCIAL LITERACY OF OVERSEAS FILIPINO WORKERS 
(OFWs), AND FOR OTHER PURPOSES
EXPLANATORY NOTE
Overseas Filipino Workers (OFWs) continue to play a crucial role in sustaining 
the Philippine economy and supporting Filipino households. From April to September 
2023, the Philippine Statistics Authority recorded an estimated 2.16 million OFWs 
deployed across the globe. In the first quarter of 2024 alone, 429,056 OFWs were 
deployed. That same year, OFW remittances reached an all-time high of USD 38.34 
billion, with USD 34.49 billion coursed through banks.
These remittances help support household consumption, fund education, and 
support investments back home. Unfortunately, despite their immense contribution, 
many OFWs remain vulnerable to financial mismanagement, debt cycles, and scams. 
These are challenges that undermine the long-term benefits of their hard-earned 
income.
This measure seeks to institutionalize financial literacy training for OFWs at 
critical stages of migration: prior to deployment and upon arrival in host countries. By 
equipping OFWs and their families with the knowledge and tools to make informed 
financial decisions, the State affirms its commitment to protecting their welfare and 
maximizing the value of their contributions for national development.
LOREN LEGARDA


TWENTIETH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES 
First Regular Session
SENATE
S. No. 806
Senate
of iJir S"1'. tu iarji
25 AUG -4 P1 '21
RtCEl VcD 6V.
Introduced by Senator Loren Legarda
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:
1 
Section 1. Short Tide. -This Act shall be known as the "OFWs Financial Literacy
2 
Enhancement Act"
3 
Sec. 2. Declaration of Policy. - The State recognizes the valuable contributions
4 
of Overseas Filipino Workers (OFWs), to the national economy through their foreign
5 
exchange remittances. As such the State shall take appropriate measures to protect
6 
and ensure OFWs' financial and economic well-being by promoting and providing
7 
mandatory financial literacy programs that will educate, train and provide them with
8 
necessary knowledge and skills to protect their earnings, resources, investments,
9 
remittances and to manage their debts, credits and other financial transactions.
10 
Sec. 3. Mandatory Financial Literacy Training Seminar. - All OFWs shall undergo
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mandatory financial literacy orientation seminars which shall be an integral part of the
12 
Pre-Departure Orientation Seminar (PDOS). An OFW who enters a new contract shall
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likewise be required to undergo Post-Arrival Training Seminars (PATS) on financial
14 
literacy within a reasonable time from their arrival in the country of destination.
15 
Financial literacy trainings may also be incorporated into Pre-Migration
16 
Orientation Seminars (PMOS), OFW family and children's circles learning session and
17 
other training programs under the Department of Migrant Workers (DMW) and other
18 
relevant agencies mandated to protect the welfare of OFWs.


1 
Sec. 4. Participating Agencies. -The PDOS and PATS shall be primarily
2 
conducted by the DMW, as the lead agency, in coordination with the Department of
3 
Finance (DOF), the Overseas Workers Welfare Administration (OWWA), and
4 
accredited PDOS providers across the country, including the embassies or consulates,
5 
in the country of destination.
6 
As lead agency, the DMW, in coordination with DOF, Bangko Sentral ng
7 
Pilipinas OWWA, Department of Information and Communications Technology (DICT)
8 
and Securities and Exchange Commission (SEC), is tasked to formulate training
9 
modules on financial literacy; initiate and conduct training programs on financial
10 
management and responsibility; apprise OFWs on, among others, the advantages and
11 
benefits of financial opportunities; ensure the accessibility of qualified online financial
12 
and economic advisors and/or counselors; and disseminate knowledge-expanding
13 
activities that promote financial literacy among OFWs and their dependents.
14 
Sec. 5. Free Financial Literacy Training Programs. —Training programs
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undertaken under this Act shall be free of charge.
16 
The DMW, in coordination with the relevant participating agencies shall educate
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OFWs on how to protect their earnings, savings, and investments, with emphasis on
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how to prioritize savings, manage their income and debts, and use their remittances
19 
for productive and sustainable purposes to futureproof their hard-earned money.
20 
Financial literacy programs shall include lectures and discussions on topics such
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as financial planning, saving and budgeting, debt management, financial products,
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such as stocks, bonds, insurance, mutual funds, digital financial literacy, cyber-
23 
hygiene, data integrity, fraud and scam prevention, financial consumer protection,
24 
financial patterns, practices and culture of the country of destination, and other topics
25 
which may be deemed relevant by the concerned government agencies.
26 
Sec. 6. Penalties and Administrative Liabilities. - Any unjustifiable refusal by a
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government official or personnel tasked under this Act to provide financial literacy
28 
training or seminar shall be punished with a fine of at least FIFTY THOUSAND PESOS
29 
(PHP 50,000.00) to ONE HUNDRED THOUSAND PESOS (PHP 100,000.00), without
30 
prejudice to possible administrative sanctions which may be imposed under existing
31 
laws, ranging from reprimand, suspension from office or dismissal from 
service,
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depending on the severity and frequency of such inaction or violation.


1 
Sec. 7. Implementing Rules and Regulations. - Within ninety (90) days from
2 
the approval of this Act, the Secretary of the DMW, in consultation with the Secretary
3 
of the DOF, the Governor of the BSP, the Administrator of OWWA, together with the
4 
heads of other relevant government agencies, shall promulgate the necessary rules
5 
and regulations for the effective implementation of this Act.
6 
Sec. 8. Separability Clause. - If any provision of this Act is held invalid or
7 
unconstitutional, the remaining parts or provisions not affected shall remain in full
8 
force and effect.
9 
Sec. 9. Repealing Clause. - All laws, decrees, executive orders, and
10 
proclamations, rules, and regulations, or parts thereof inconsistent with this Act, are
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hereby repealed or modified accordingly.
12 
Sec. 10. Effectivity. -This Act shall take effect fifteen (15) days after its
13 
publication in the Official Gazette or in a newspaper of general circulation.
Approved,