Committee on Migrant Workers Chairperson Senator Raffy Tulfo has expressed elation over the Senate’s approval on second reading of the “Free OFW Financial Literacy Education Act” or Senate Bill (SB) No. 1910.
Tulfo, principal sponsor and one of the authors of SB No. 1910, said the timely bill provides for free financial literacy education for overseas Filipino workers and their families, and it covers OFWs, either land-based or sea-based, documented or otherwise, and their families or dependents.
“Its purpose is to educate our OFWs and their families on how to save money.”
In explaining the proposed bill, the legislator said: “Its purpose is to educate our OFWs and their families on how to save money.”
“Hindi po ito ayuda. Ito po ay tulong para mabigyan sila ng education tungkol sa pagse-save ng pera nila while working abroad para pagbalik nila ng Pilipinas ay hindi po sila walang-wala,” the lawmaker said.
“Tulad ng iba, when they come back to the Philippines, wala sila kahit na single centavo, bankrupt sila because while they were there, naubos ang pera nila,” the senator added.
Under said measure, all OFWs shall undergo mandatory and continuously updated financial education or literacy training seminars which shall form as an integral part of the Pre-Departure Orientation Seminars (PDOS) of departing OFWs.
Post-Arrival Training Seminars (PATS) on financial education or literacy shall also be required of OFWs within a reasonable time upon arrival in their respective countries of destination.
Likewise, Post-Arrival Training Seminars (PATS) on financial education or literacy shall also be required of OFWs within a reasonable time upon arrival in their respective countries of destination on their first employment contract or those who transfer from one place to another without stopping by the Philippines.
In the proposed bill, overseas Filipino seafarers shall have the option of attending these continuously updated financial education or literacy seminars at their respective points-of-hire or within a reasonable time, after their return to the Philippines.
The bill also noted that families or dependents of OFWs throughout the Philippines shall be equipped with financial education and knowledge through online seminars and other effective means.
