The country’s state agency reported that the House Committee on Overseas Workers Affairs made initial deliberations of nine House Bills on Thursday. The bills are seeking to protect the remittances of Overseas Filipino Workers (OFWs). Kabayan party-list Representative Ron Salo noted that these measures seek a 50-percent discount on remittance fees, which he believes would eventually be granted as tax deductions for the service providers.
Meanwhile, Tarlac 2nd District Rep. Christian Tell Yap said that some OFWs are not informed by service providers about certain money-transfer fees and charges when sending money to their families. He then added that his proposal (HB 1190) would require intermediary financial institutions to actively disclose their service fees, which according to him would ensure compliance with proper and just practices under the law. In addition, Rep. Antonio Legarda Jr. of the lone district of Antique said that House Bill 3020 would prohibit any fees imposed without prior consultation with the Department of Finance and the Bangko Sentral ng Pilipinas.
The committee approved the consolidation of the nine bills, as well as the consideration of position papers to be submitted by concerned agencies and organizations in crafting the substitute bill. On the other hand, lawmakers also tackled house bills establishing a credit assistance program for OFWs. Cavite 2nd District Rep. Lani Mercado-Revilla made a speech for HB 3378, noting that the move would allow prospective OFWs with a valid contract certified by the Philippine Overseas Employment Administration to apply for a loan of up to PHP50,000 from the Overseas Workers Welfare Administration. She added that this is meant to cover the living expenses of their families at the start of employment, and other expenses incurred during pre-employment. The panel also approved the consolidation of these measures.
Furthermore, the lawmakers also deliberated HB 4379, authored by Valenzuela City 1st District Rep. Rex Gatchalian, to push financial literacy education programs for OFWs and families to protect their hard-earned money and promote their economic well-being.