Lawmaker seeks enhanced transparency, protection of OFW remittances

By Leonel Abasola, Philippine News Agency

Senate Bill 1917, or the Overseas Filipino Workers’ Remittance Protection Act, aims to streamline remittance charges, disclose the fee structure, and seek stakeholder inputs in proposed future adjustments. The bill also mandates the Department of Migrant Workers (DMW) and Overseas Workers Welfare Administration (OWWA) to conduct financial literacy programs for OFWs and their families, in coordination with partner financial institutions. (Photo: PNA)

MANILA – Senator Joel Villanueva is pushing for the immediate passage of a measure seeking to protect the remittances of overseas Filipino workers (OFWs) and expand transparency on the fees collected by financial institutions.

Senate Bill 1917, or the Overseas Filipino Workers’ Remittance Protection Act, aims to streamline remittance charges, disclose the fee structure, and seek stakeholder inputs in proposed future adjustments.

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 Department of Migrant Workers (DMW) and Overseas Workers Welfare Administration (OWWA) to conduct financial literacy programs for OFWs and their families, in coordination with partner financial institutions.

“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 (With our proposal, we will help protect their hard-earned money intended for their families in the country),” Villanueva said in a statement on Wednesday.

He noted that despite their immense contribution, many OFWs remain trapped in an outdated remittance system, one that quietly chips away at their hard-earned income through excessive fees, hidden charges, and unclear foreign exchange practices.

“These are not abstract concerns. These are real burdens borne by real families who depend on every peso to survive,” he said.

Villanueva noted that the bill is not anti-business, saying it advances a balanced system that allows fair returns for service providers while ensuring strong protection for the OFWs whose only capital is their labor, time, and sacrifice.

“By passing this proposed measure, we affirm that 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 said.

On Tuesday, President Ferdinand R. Marcos Jr. highlighted the importance of safeguarding the steady flow of OFW remittances in the Middle East region.

Marcos also acknowledged that the volatility of the situation there might impact remittance levels, urging government agencies to find ways to ease the burden of OFWs.