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Manila Bulletin devider Philippines devider National devider House panel approves bill granting 50% discount on OFW remittance fees

House panel approves bill granting 50% discount on OFW remittance fees

Published Feb 13, 2024 02:14 pm

At A Glance

  • The House Committee on Ways and Means approved on Tuesday, Feb. 13, a bill aiming to grant a 50 percent discount on fees related to the remittances that overseas Filipino workers (OFWs) send home to their families in the Philippines.

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The House Committee on Ways and Means approved on Tuesday, Feb. 13, a bill aiming to grant a 50 percent discount on fees related to the remittances that overseas Filipino workers (OFWs) send home to their families in the Philippines.

“It is imperative that we lessen the cost incurred by OFWs in their remittances,” said KABAYAN Party-list Rep. Ron Salo, who sponsored the measure.

According to Salo, the fees from remittances account for a “staggering” $36.1 billion or 8.9 percent of the country’s gross domestic product (GDP).

Under the substitute bill of “An Act Providing For Protection of the Remittances of OFWs”, banks and other financial intermediaries will receive tax deductions equivalent to the discount provided to OFWs.

The bill also seeks to safeguard OFWs from unexpected fee increases by preventing these financial institutions financial institutions from increasing fees without prior consultation with government.

Originally, the proposed measure included a provision limiting the total annual tax deduction for these financial intermediaries to ₱24,000 per OFW.

However, after further deliberations, the House panel removed the planned limit to “further encourage” OFWs to send their remittances.

“I, together with Kabayan Party-list and the Committee on Ways and Means, underscore our commitment to prioritize the welfare of our OFWs,” noted Salo.

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Overseas Fililpino Workers (OFWs) ofw remittances ron Salo
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