The Senate on Monday, March 16, approved on third and final reading a bill seeking to protect the remittances of overseas Filipino workers by requiring transparency in fees and foreign exchange rates.
The measure, Senate Bill No. 1917 or the OFW Remittance Protection Act, was sponsored by Senator Joel Villanueva to ensure the hard-earned money of OFWs reaches their families without being reduced by excessive charges.
“Our OFWs are not only sending dollars, dirhams, or euros. They are sending hope and a future for their families,” Villanueva said.
Under the bill, remittance service providers must clearly disclose fees, charges, and exchange rates, while unreasonable remittance fees may face penalties. The measure also promotes financial literacy for OFWs and their families.
Senator Camille Villar, the bill’s author and co-sponsor, said protecting remittances means protecting Filipino families who rely on money sent from abroad.
The proposal also seeks to strengthen government support for migrant workers through the Department of Migrant Workers.IMT
