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Manila Bulletin devider Philippines devider National devider Tulfo bill to enhance financial literacy of OFWs

Tulfo bill to enhance financial literacy of OFWs

Published May 8, 2023 04:06 am
Senator Rafael "Raffy" Tulfo on Monday, May 8, filed a bill seeking to provide free financial literacy training programs for overseas Filipino workers (OFWs) as a pre-departure and post-arrival seminar to prevent them from being victimized by various investment and online scams. Tulfo, chairman of the Senate Committee on Migrant Workers, filed Senate Bill No. (SB) 2078 promoting and developing financial responsibility and literacy of OFWs by providing them with the tools to better manage their finances. “Numerous overseas Filipino workers (OFWs) are victimized by various investment and online scams. Due to a lack of financial knowledge, a great number of OFWs are exploited and swindled off their hard-earned money and return home to their families empty-handed," Tulfo said in the explanatory note of the bill. “As such, financial education remains the key component to equip Filipinos, most importantly OFWs, with the skills and knowledge to make sound financial choices,” it added. Financial literacy is defined as the ability to effectively apply financial skills for budgeting, investing, and overall management of personal finances. According to the Bangko Sentral ng Pilipinas (BSP), the average Filipino remains to have low levels of financial literacy which make them have a difficult time making important decisions regarding savings, investments, loans, and many more. Tulfo noted that the onslaught of the Covid-19 pandemic showed all Filipinos the importance of financial safety and stability in times of economic depression. Under SB 2078, all OFWs shall undergo mandatory financial literacy training seminars which shall become an integral part of the Pre-Departure Orientation Seminar (PDOS). Financial literacy should include education on financial products, such as stocks, bonds, insurance, and mutual funds, which are available in the market. Moreover, Post-Arrival Training Seminars (PATS) on financial literacy shall likewise be required of OFWs within a reasonable time upon their arrival in a country of destination on their first employment contract or those who transfer from one place of work to another without stopping by the Philippines. The PDOS and PATS shall be primarily conducted by the Department of Finance (DOF), as the lead agency, in coordination with the Department of Migrant Workers (DMW), the Overseas Workers Welfare Administration (OWWA), and accredited PDOS providers across the country, including the embassies or consulates, whichever may be available, in the country of destination.

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overseas Filipino worker Senate Committee on Migrant Workers Senator Raffy Tulfo financial literacy
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