Politics · Philippines Bureau
House approves free financial education program for OFWs
The House of Representatives has passed legislation providing free financial education to overseas Filipino workers and their families. Speaker Faustino Dy III emphasized the measure's importance in helping OFWs protect and manage their hard-earned remittances.
LSN Philippines ·
MANILA — The House of Representatives has given final approval to a bill establishing a free financial education program targeting overseas Filipino workers and their dependents, with Speaker Faustino Dy III lauding the measure as a crucial step in protecting workers' savings.
The legislation, which cleared third and final reading this week, aims to equip OFWs and their families with essential knowledge on money management and savings strategies. Speaker Dy highlighted that the program underscores the value of preserving the earnings that OFWs have worked to accumulate for their households over the years.
The initiative addresses long-standing concerns about financial literacy among OFW families, who collectively remit billions of dollars annually to the Philippines. By providing accessible financial education, the program seeks to help workers make informed decisions about their income and build sustainable financial security for their families back home.
The bill now advances to the Senate for consideration as part of the legislative agenda to support the country's overseas workers, who contribute significantly to the national economy through their remittances.