Senator Joel Villanueva has sought support from his colleagues for the measure that seeks to protect the remittances of OFWs and expand transparency on the fees collected by financial institutions.
Villanueva, chair of the Senate Committee on Banks, Financial Institutions, and Currencies, sponsored Senate Bill No. 1917 or the Overseas Filipino Workers’ Remittance Protection Act, which aims to streamline remittance charges, disclose fee structure, and seek stakeholder inputs in proposed future adjustments.
“We appeal to our colleagues for the immediate passage of this measure, especially today amid the ongoing conflict in the Middle East where a huge number of OFWs work. Sa pamamagitan ng ating panukala, matutulungan nating protektahan ang pinagpaguran nilang salapi na ipinapadala para sa kani-kanilang pamilya at mahal sa buhay sa Pilipinas,” Villanueva said.
“Despite their immense contribution, many OFWs remain trapped in an outdated remittance system, one that quietly chips away at their hard-earned income through excessive fees, hidden charges, and unclear foreign exchange practices,” Villanueva added. “These are not abstract concerns. These are real burdens borne by real families who depend on every peso to survive.”
Aside from setting fees for remittance services and ensuring increased transparency in foreign exchange rates, the bill prohibits sudden changes in the charges without proper consultations, and sets penalties for violators.
The bill also mandates the DMW and OWWA to conduct financial literacy programs for OFWs and their families, in coordination with partner financial institutions.
“Let me emphasize: this bill is not anti-business. Hindi po ito laban sa industriya,” Villanueva pointed out in his sponsorship of the measure. “It advances a balanced system, one that allows fair returns for service providers, while ensuring strong protection for those whose only capital is their labor, time, and sacrifice.”
“By passing this proposed measure, we affirm that the government stands with our migrant workers, not only in words, but in action. That we protect their rights, the value of their labor, and the future of their families,” he continued.
“Our responsibility does not end with the deployment or rescue of OFWs. It extends to ensuring that the fruits of their labor reach their families with dignity and fairness,” Villanueva added.
On Tuesday, President Ferdinand Marcos Jr. highlighted the importance of safeguarding the steady flow of OFW remittances in the Middle East region. The President also acknowledged that the volatility of the situation there might impact remittance levels. Thus, government agencies were urged to find ways to ease the burden of OFWs.
