The House of Representatives has approved on third and final reading House Bill 9806, or the proposed Free OFW Financial Education Act, aimed at equipping Overseas Filipino Workers (OFWs) and their families with practical financial tools to protect their earnings and investments.
House Speaker Faustino ”Bojie” G. Dy III stated that the measure seeks to provide lasting financial security for overseas workers to ensure that their hard-earned remittances are safeguarded against fraudulent schemes and mismanaged spending.
”Bawat padala ng ating OFWs ay may katumbas na pagod at pagkakalayo sa pamilya,” Dy said. ”Dapat matulungan silang mapangalagaan ang perang iyon para sa pag-aaral ng mga anak, pangangailangan ng tahanan at paghahanda sa kanilang pag-uwi.”
The legislative measure mandates a continuous financial literacy program covering all documented and undocumented OFWs, as well as their families, to help them navigate debt terms, consumer rights, and investment opportunities.
Under Section 4 of the bill, financial education will become a mandatory component of Pre-Departure Orientation Seminars (PDOS). Post-arrival financial training will also be required for workers on their first employment contracts or those transferring workplaces abroad without returning to the Philippines.
For land-based and sea-based workers, training options will be made accessible at points of hire or upon returning to the country, while families left in the Philippines will receive financial literacy modules through online seminars and localized programs.
”Mahalagang kasama ang pamilya sa pag-aaral kung paano hahawakan ang pera,” Dy noted. ”Ang OFW ang kumikita sa ibang bansa, pero madalas ang kanyang mga mahal sa buhay ang nagbabadyet at gumagastos dito sa atin.”
Section 6 explicitly provides that all training modules will be offered free of charge. Mandatory topics include consumer protection, avoiding high-interest debt, managing collateralized property, and understanding financial products such as stocks, bonds, insurance, and mutual funds.
Under Section 5, the Department of Migrant Workers (DMW) will serve as the lead implementing agency alongside partner institutions, providing access to qualified financial advisors and developing standardized educational modules.
The bill also directs the DMW to collaborate with the Department of Information and Communications Technology (DICT) and digital platforms to block online financial scams, pyramid schemes, and predatory gambling advertisements targeting overseas workers and their families.