CONGRESS OF THE PHILIPPINES TWENTIETH CONGRESS First Regular Session SENATE S. No. 1910 PREPARED BY THE COMMITTEE ON MIGRANT WORKERS WITH SENATORS TULFO (R.), DELA ROSA, LEGARDA, ESTRADA, VILLAR (M.), TULFO (E.), AND VILLANUEVA AS AUTHORS THEREOF AN ACT PROVIDING FOR A FREE FINANCIAL LITERACY EDUCATION FOR OVERSEAS FILIPINO WORKERS AND THEIR FAMILIES Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
SECTION 1. Short Title. - This Act shall be known as
the 'Free OFW Financial Literacy Education Act".
SEC. 2. Declaration of Policy. - The State shall afford
4 full protection to labor, local and overseas, and promote 5 full employment and equality of employment opportunities for all. In recognition of the valuable economic contributions of Overseas Filipino Workers (OFWs) through remittances,
the State shall adopt measures that will protect and ensure their financial and economic well-being and that of 3 their families. To this end, the State shall provide mandatory free financial literacy education or training to equip them with sufficient knowledge and skills to properly manage and use their hard-earned money.
SEC. 3. Coverage. - This Act shall cover all OFWs,
8 either land-based or sea-based, documented or otherwise, 9 and their families or dependents.
SEC. 4. Mandatory Financial Education Seminar. -
All OFWs shall undergo mandatory and continuously updated financial literacy education or training as an integral part of the Pre-Departure Orientation Seminars (PDOS) of departing OFWs. Post-Arrival Training Seminars (PATS) on financial literacy education or training shall likewise be required of OFWs within a reasonable time upon arrival in their respective countries of destination on their first employment contract, or those who transfer from one (1) place of work to another without
stopping by the Philippines. Overseas Filipino seafarers shall have the option of attending financial literacy 3 education or training at their respective points-of-hire, or within a reasonable time after their return to the Philippines. Financial literacy trainings shall also be 7 incorporated into the Pre-Employment Orientation 8 Seminar (PEOS) and other Pre-migration Orientation 9 Seminars (PMOS) and trainings conducted by the 10 Department of Migrant Workers (DMW) and other 11 relevant agencies. The OFW's immediate family members 12 and dependents involved in the management of remittances and family finances shall likewise be equipped 14 with relevant financial knowledge and skills through online seminars and other feasible and effective means.
SEC. 5. Participating Agencies. - The PDOS and PATS
shall be conducted by the DMW, as the lead agency, in coordination with the Overseas Workers Welfare Administration (OWWA). the Department of Finance
(DOF), the Bangko Sentral ng Pilipinas (BSP), the 2 Securities and Exchange Commission (SEC), the 3 Department of Information and Communications 4 Technology (DICT), the Department of the Interior and 5 Local Government (DILG), the Department of Trade and 6 Industry (DTI), the Home Development Mutual Fund 7 (Pag-IBIG Fund), the Social Security System (SSS), and accredited PDOS providers, including embassies or consulates in the countries of destination. The DMW and OWWA shall issue the necessary policies and guidelines on the conduct of the PDOS, 12 including regulations on the qualifications, registration, and accreditation of PDOS providers and trainers. As the lead agency, the DMW shall formulate training modules on financial literacy education; initiate and conduct training programs on financial management and responsibility; apprise OFWs on financial opportunities and pitfalls. among others; ensure the accessibility of qualified online financial and economic
• . advisors and/or counselors; and disseminate knowledge expanding activities that promote financial education or 3 literacy among OFWs and their dependents.
SEC. 6. Free Financial Literacy Education Programs. -
Financial literacy education or training programs 6 undertaken under this Act shall be free-of-charge. The DMW shall, in coordination with the OWWA, 8 DOF, BSP, SEC, DICT, DILG, DTI, Pag-IBIG, and SSS, 9 educate OFWs and their families on protecting their earnings, managing their income and debts, and sustainable prioritizing savings and investments for 12 livelihood and long-term financial stability. Financial literacy education shall include lectures, discussions, and trainings on financial information, and programs that may be deemed relevant by the implementing agencies, such as but not limited to, saving and budgeting, debt management, financial planning, avoidance of exorbitant interests on loans or debts, consumer protection, fraud and scam prevention, digital
financial literacy and cyber hygiene, and financial products such as stocks, bonds, insurance, and mutual funds. The DMW shall regularly coordinate with the DICT, the Cybercrime Investigation and Coordinating Center the National Telecommunications (CICC), Commission (NTC), and social media companies to disallow 7 posts and messages that are meant to confuse, mislead, 8 victimize, defraud, or entice OFWs and their families to engage in gambling and other similar activities, including online scams, and pyramiding schemes.
SEC. 7. Appropriations. - The amount necessary for
the initial implementation of this Act shall be sourced from the current budget and appropriation of the concerned 14 departments and agencies. Thereafter, such amount as may be necessary for the continued implementation of this Act shall be included in the annual General Appropriations Act.
SEC. 8. Implementing Rules and Regulations. - The
rules and regulations necessary for the effective and
efficient enforcement of the provisions of this Act shall be 2 formulated by the DMW, in consultation with the OWWA, 3 DOF, DILG, DICT, CICC, NTC, BSP, SEC, and all other relevant financial stakeholders and institutions, and shall be implemented within ninety (90) days from the effectivity of this Act.
SEC. 9. Separability Clause. - If any provision of this
8 Act is declared unconstitutional, the remainder hereof not otherwise affected shall remain in full force and effect.
SEC. 10. Repealing Clause. - All laws, decrees,
executive orders, rules, regulations, and other issuances or parts thereof which are inconsistent with this Act are hereby repealed, amended, or modified accordingly.
SEC. 11. Effectivity. - This Act shall take effect after
fifteen (15) days following its publication in the Official Gazette or in a newspaper of general circulation. Approved,