The House of Representatives approved on second reading two House Bills (HBs) seeking to provide additional benefits for overseas Filipino workers (OFWs).
House Bill (HB) 10959, principally authored by Deputy Speaker Dong Gonzales Jr., seeks to entitle overseas Filipino workers (OFWs) 50% discount on fees or charges imposed on remittances to their families in the Philippines.
House Committee on Overseas Workers Affairs chairperson and Tingog Partylist Representative Jude Acidre, who sponsored the bill at the plenary, explained that the measure provides incentives to encourage remittance centers to grant the proposed discount.
“(The centers) may claim the discounts granted as tax deductions based on the cost of services rendered to OFWs.”
“(The centers) may claim the discounts granted as tax deductions based on the cost of services rendered to OFWs to be treated as ordinary and necessary expenses deductible from their gross income,” Acidre said.
The measure shall be known as the “Overseas Filipino Workers (OFWs) Remittance Protection Act,” if and when enacted into law.
The House also passed on second reading HB 10914, which shall entitle OFWs and their families free financial education.
“HB 10914 will protect migrant workers from investment scams.”
According to Acidre, who is one of the authors of HB 10914, the bill once enacted will protect migrant workers from investment scams, at the same time, provide them the proper knowledge to save their money through appropriate education and training on financial literacy.
Under the Bill, all OFWs shall undergo mandatory financial literacy training seminars, which shall become an integral part of the Pre-Departure Orientation Seminar (PDOS) of outgoing OFWs, and Post Arrival Training Seminars (PATS) at their countries of destination.
