Manila:<Text>

Senator Joel Villanueva is advocating for the swift approval of a measure aimed at safeguarding overseas Filipino workers' (OFWs) remittances and enhancing transparency regarding fees imposed by financial institutions.

According to Philippines News Agency, Senate Bill 1917, also known as the Overseas Filipino Workers' Remittance Protection Act, seeks to streamline remittance charges, make fee structures transparent, and involve stakeholders in discussions about potential future adjustments. The bill not only sets fixed fees for remittance services and ensures clearer foreign exchange rate disclosures but also prohibits abrupt changes in charges without proper consultations. Penalties are proposed for any violations.

Additionally, the bill mandates the Department of Migrant Workers (DMW) and Overseas Workers Welfare Administration (OWWA) to collaborate with financial institutions to provide financial literacy programs for OFWs and their familie s. Senator Villanueva emphasized the urgency of passing this measure, especially given the ongoing conflict in the Middle East, where a substantial number of OFWs are employed. He highlighted the importance of protecting the hard-earned money sent by OFWs to their families in the Philippines.

Villanueva conveyed that despite the significant contributions of OFWs, many remain burdened by an outdated remittance system, which diminishes their income through excessive fees and unclear foreign exchange practices. He stressed that these issues directly impact families relying on every peso for survival.

The senator clarified that the bill is not against business interests; instead, it aims to create a balanced system that allows fair returns for service providers while ensuring robust protection for OFWs. He affirmed that by enacting this measure, the government demonstrates its commitment to supporting migrant workers through tangible actions, safeguarding their rights, the va lue of their labor, and their families' future.

On Tuesday, President Ferdinand R. Marcos Jr. underscored the need to protect the steady flow of OFW remittances, particularly in the Middle East, acknowledging the potential impact of regional instability on remittance levels. He urged government agencies to find ways to alleviate the challenges faced by OFWs.