Overseas Filipino Workers will be equipped with practical financial knowledge to better manage their earnings, protect themselves from financial scams, and strengthen their families’ long-term financial security under a bill passed on third reading by the House of Representatives.
House Speaker Faustino “Bojie” Dy III said the measure recognizes OFW’s sacrifices through lasting benefits for themselves and their families, especially when they eventually return home.
“Bawat padala ng ating OFWs ay may katumbas na pagod at pagkakalayo sa pamilya.”
“Bawat padala ng ating OFWs ay may katumbas na pagod at pagkakalayo sa pamilya,” the Speaker stressed.
“Dapat matulungan silang mapangalagaan ang perang iyon para sa pag-aaral ng mga anak, pangangailangan ng tahanan at paghahanda sa kanilang pag-uwi,” Dy added.
House Bill No. 9806, or the proposed Free OFW Financial Education Act, establishes a continuous financial literacy program covering all OFWs, documented or otherwise, and their families.
The measure addresses the risk that workers and their dependents encounter in making financial decisions without sufficient knowledge of loan terms, investment products, consumer rights or fraudulent schemes, undermining the long-term benefit of overseas employment.
Section 4 makes regularly updated financial education an integral part of pre-departure orientation seminars. It also requires post-arrival financial training within a reasonable time for OFWs arriving on their first employment contract or transferring workplaces without first returning to the Philippines.
The same section gives seafarers the option to attend the training at their points of hire or within a reasonable time after returning to the Philippines. Families at home would receive financial education through online seminars and other feasible and effective means.
“Mahalagang kasama ang pamilya sa pag-aaral kung paano hahawakan ang pera.”
“Mahalagang kasama ang pamilya sa pag-aaral kung paano hahawakan ang pera. Ang OFW ang kumikita sa ibang bansa, pero madalas ang kanyang mga mahal sa buhay ang nagbabadyet at gumagastos dito sa atin,” the veteran legislator stressed.
Section 6 expressly makes the training free of charge. Required topics include consumer protection, safeguarding mortgaged or collateralized property, avoiding excessive interest on debts, and credit information relating to micro and small enterprises.
The program also covers key concepts on obligations and contracts, credit transactions, interest, pledges, mortgages and guarantees, as well as financial products such as stocks, bonds, insurance, and mutual funds, helping participants understand commitments and risks before making decisions.
Under Section 5, the Department of Migrant Workers, together with partner agencies, shall primarily lead the implementation of the program, develop training modules, and ensure access to qualified online financial and economic advisers or counselors.
Section 6 further directs the DMW to coordinate regularly with the Department of Information and Communications Technology and social media companies to disallow misleading or fraudulent posts targeting OFWs and their families, including online scams, pyramiding schemes and inducements to gambling.
“Ang hangad natin ay may naipon, may naipundar, at may mas matatag na buhay ang ating OFWs pagkatapos ng kanilang sakripisyo,” the seasoned lawmaker stressed.
“Sa pagpasa ng panukalang ito, tinutulungan natin silang gumawa ng mas mabuting pasya para sa sarili at sa kanilang pamilya,” he concluded.
