Philippine House passes free financial education law for overseas workers
The Philippine House of Representatives approved the Free OFW Financial Education Act, a bill that will provide mandatory financial literacy training for overseas Filipino workers and their families.
The House of Representatives in Manila passed the Free OFW Financial Education Act after its third reading, establishing a government-run program that offers continuous, no-cost financial literacy to overseas Filipino workers and their families. Under the law, first-time OFWs and those changing employers must undergo financial training upon arrival, while families will receive education through online seminars and other accessible formats.
The Department of Migrant Workers will design the curriculum, covering subjects such as contracts, credit, mortgages, stocks, bonds, and insurance. Speaker Faustino Dy III highlighted that the initiative aims to protect remittances and enable better savings, investments, and preparation for workers' eventual return. He emphasized that informed financial decisions will strengthen the stability of OFW households.
Why it matters
It equips millions of overseas workers with essential money-management skills, protecting remittances that support Filipino families.
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