MANILA — In a significant move to support millions of overseas Filipino workers, the Philippine House of Representatives on Tuesday passed two groundbreaking bills aimed at reducing financial burdens and enhancing economic literacy for the country’s global workforce.
The first bill, House Bill 10959, mandates a 50% discount on remittance fees, potentially saving billions for workers who send home critical financial support. The Philippines receives over $30 billion annually in overseas worker remittances, ranking fourth globally behind India, Mexico, and China.
Speaker Martin Romualdez characterized the legislation as a tribute to the nation’s “unsung heroes,” acknowledging the sacrifices of more than 10 million Filipino workers scattered across the globe.
“This is about showing compassion and tangible support for those who keep our economy moving,” Romualdez stated.
The companion legislation, House Bill 10914, introduces mandatory financial literacy training for overseas workers, requiring comprehensive education during pre-departure and post-arrival seminars. The program will cover critical financial topics, including consumer protection, loan management, and investment strategies.
The bills include strict penalties for financial institutions that violate the new regulations, with potential imprisonment and substantial fines for infractions such as unauthorized fee increases or misappropriation of remittance funds.
Both measures passed overwhelmingly, with 174 lawmakers voting in favor, signaling a strong commitment to protecting the economic interests of Filipino workers abroad.
The legislation represents a significant step in recognizing the vital economic contribution of overseas Filipino workers and providing them with enhanced financial protections and education.
