Bill Type
Congress Name
Full Title of Bill
AN ACT PROVIDING FOR PROTECTION OF THE REMITTANCES OF OVERSEAS FILIPINO WORKERS
Text as filed (link)
Date filed
June 30, 2022
Date Read
July 26, 2022
Bill Status
Measure approved by the Committee on 2022-10-13
Committee Details
Primary Committee
Legislative History
| House Bill/Resolution NO. HB00185 | |
| FULL TITLE : AN ACT PROVIDING FOR PROTECTION OF THE REMITTANCES OF OVERSEAS FILIPINO WORKERS | |
| ABSTRACT : Intends to protect the hard-earned money of OFWs against exorbitant fees charged by financial institutions that deplete the value of their remittances; and to provide them and their families with adequate education and training on financial literacy, such as financial planning and management of finances or savings.Proposes several provisions among others as follows: discount on remittance fees and tax deduction granted to establishments based on the cost of services to OFWs; requirement of posting of the peso equivalent of the currency to be exchanged; prohibition from raising remittance fees, including other prohibited acts. | |
| PRINCIPAL AUTHOR/S : GONZALES, AURELIO "Dong" Jr. D | |
| DATE FILED : 2022-06-30 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Gomez (000 2022-08-22) | 2. Delos Santos (000 2022-09-09) |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON OVERSEAS WORKERS AFFAIRS ON 2022-07-26 |
Abstract
ABSTRACT : Intends to protect the hard-earned money of OFWs against exorbitant fees charged by financial institutions that deplete the value of their remittances; and to provide them and their families with adequate education and training on financial literacy, such as financial planning and management of finances or savings.Proposes several provisions among others as follows: discount on remittance fees and tax deduction granted to establishments based on the cost of services to OFWs; requirement of posting of the peso equivalent of the currency to be exchanged; prohibition from raising remittance fees, including other prohibited acts.
Significance