(MANILA BULLETIN)

The House of Representatives has approved on third and final reading House Bill (HB) No. 10914, or the “Free OFW Financial Education Act", in a bid to further its commitment to protect and "empower modern-day heroes"--the overseas Filipino workers.
 
The lower chamber gave its final nod to the measure during plenary session Tuesday, Nov. 19, wherein it garnered 179 "yes" votes from the congressmen. 

“This landmark legislation ensures that our [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 Martin Romualdez in a statement follow the bill's passage.
 
“Through mandatory financial literacy training integrated 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.
 
HB No. 10914 will require OFWs to undergo continuously updated financial education or literacy training seminars as part of their Pre-Departure Orientation Seminars (PDOS) and Post-Arrival Training Seminars (PATS). 
 
The proposed law also provides overseas Filipino seafarers with the option to attend these seminars at their respective points-of-hire or within a reasonable time after their return to the country. 
 
Families of OFWs will also be equipped with financial education through online seminars and other feasible means.
 
Under HB 10914, the Department of Migrant Workers (DMW) and other government agencies will be tasked to educate OFWs and their families on the topics of consumer protection, protection on mortgaged or collateralized properties, avoidance of exorbitant interests on loans or debts, and credit information on micro- and small-scale enterprises to prospective lenders. 
 
The program will also orient them about obligations and contracts, credit transactions, interests, pledges, mortgages, guarantees, and knowledge of financial products like 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.