By Junex Doronio
MANILA — In a move to protect and empower modern-day heroes, the House of Representatives on Tuesday (19 Nov 2024) approved on third and final reading House Bill (HB) No. 10914, also known as the “Free OFW Financial Education Act.”
“This landmark legislation ensures that overseas Filipino workers (OFWs) and their families will receive free, comprehensive financial education, equipping them with the knowledge and tools they need to secure their financial future,” said Speaker Ferdinand Martin G. Romualdez.
“By integrating mandatory financial literacy training into pre-departure and post-arrival seminars, along with online resources for OFW families, we are creating a support system that will help OFWs maximize their hard-earned income and protect them from financial scams and pitfalls,” the House leader added.
With an overwhelming 179 votes, the chamber approved HB No. 10914 on third reading. The bill requires OFWs to undergo continuously updated financial education or literacy training as part of their Pre-Departure Orientation Seminars (PDOS) and Post-Arrival Training Seminars (PATS).
The proposed law also gives overseas Filipino seafarers the option to attend these seminars at their respective points of hire or within a reasonable time after returning to the country.
Additionally, families of OFWs will be provided with financial education through online seminars and other accessible means.
Under HB 10914, the Department of Migrant Workers and other government agencies will be tasked with educating OFWs and their families on topics such as consumer protection, protection of mortgaged or collateralized properties, avoiding exorbitant loan interest rates, and credit information for micro- and small-scale enterprises seeking prospective lenders.
The program will also cover topics like obligations and contracts, credit transactions, interest rates, pledges, mortgages, guarantees, and knowledge of financial products such as stocks, bonds, insurance, and mutual funds.
Representatives Joey Salceda, Salvador Pleyto, Ralph Wendel Tulfo, Jocelyn Tulfo, Erwin Tulfo, Edvic Yap, Eric Yap, Jude Acidre, Ron Salo, Danny Domingo, Presley De Jesus, Lex Anthony Colada, Glona Labadlabad, Yedda Marie Romualdez, Kristine Tutor, Julienne “Jam” Baronda, Raymond Democrito Mendoza, and Marissa “Del Mar” Magsino are the principal authors of the bill.
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