The Philippine Department of Migrant Workers (DMW) has teamed up with the Hong Kong Police Force to combat rising debt-related distress and suicides among overseas Filipino workers (OFWs) in Hong Kong, officials announced Thursday.
The partnership aims to tackle predatory lending practices, with a focus on high-interest loans that have trapped many OFWs, DMW Secretary Hans Leo Cacdac said. In Hong Kong, interest rates as high as 48% are legal, contributing to severe financial and psychological burdens for workers, he noted.
Senator Raffy Tulfo highlighted the crisis during a Senate hearing Wednesday, citing six OFW suicides in Hong Kong in 2023, five in 2024, and one reported this year, largely linked to unmanageable debt. The DMW said aggressive debt collection tactics by informal lenders exacerbate mental health challenges for these workers.
To address the issue, the DMW is enhancing its Post-Arrival Orientation Seminar to include financial education, warning OFWs about high-interest loans and promoting debt management strategies. Additionally, the DMW and the Overseas Workers Welfare Administration plan to launch a 24/7 hotline staffed by 30 trained former OFWs to provide immediate support.
The hotline, based at the DMW’s One-Stop Shop Action Center in Makati City, will offer proactive outreach to distressed
