The Senate has approved on third and final reading the  bill seeking to protect overseas Filipino workers’ (OFWs) remittances by requiring transparency in fees and foreign exchange rates.

Sen. Joel Villanueva, sponsor of Senate Bill No. 1917, otherwise known as the Overseas Filipino Workers’ (OFWs) Remittance Protection Act, said the measure aims to ensure that OFWs' hard-earned money reaches their families without being reduced by excessive charges.

“Our OFWs are not only sending dollars, dirhams, or euros. They are sending hope and a future for their families. It is only right that we ensure that the fruits of their labor are protected and that every peso they send home reaches their loved ones more fully,” Villanueva said during the Senate's plenary approval of the bill on Monday, March 16. 

Villanueva said that the legislation addresses long-standing abuses that have quietly eaten into the earnings of millions of migrant workers and their families.

Under the bill, remittance service providers must clearly disclose their fees, charges, and foreign exchange rates so OFWs will know how much they are paying when sending money home. The measure would also prevent unreasonable remittance fees and impose penalties on violators while promoting financial literacy programs to help OFWs and their families manage their money.

Sen. Camille Villar, author and co-sponsor of the bill, said protecting remittances is essential for safeguarding Filipino families who depend on the money sent from abroad.

“Behind every remittance is a sacrifice. Behind every transfer is a quiet prayer whispered far from home. When we protect these remittances, we are protecting Filipino families,” Villar said.

Beyond fee regulation, the measure requires the Department of Migrant Workers (DMW) and the Overseas Workers Welfare Administration (OWWA) to conduct financial literacy programs for OFWs and their families, so that remittances translate into long-term financial security rather than stop-gap income.

Villanueva cited the continuing conflict in the Middle East, where a large concentration of Filipino workers is deployed, as among the reasons the bill's passage is urgent. He noted that President Ferdinand R. Marcos Jr. had similarly flagged the need to protect remittance flows from the region, directing government agencies to ease the financial burden on OFWs amid the volatility there.

"Our responsibility does not end with the deployment or rescue of OFWs. It extends to ensuring that the fruits of their labor reach their families with dignity and fairness," he said.