CO-SPONSORSHIP SPEECH
“Free OFW Financial Education Act”
Senate Bill No. 1910 under Committee Report No. 37
Senator Jinggoy Ejercito Estrada
March 2, 2026
Mr. President, with the indulgence of the good Chairperson of the Committee on Migrant Workers, Senator Raffy T. Tulfo, this Representation is honored and privileged to co-sponsor Senate Bill No. 1910 under Committee Report No. 37 or the “Free OFW Financial Education Act”. As a co-author of the said measure, having filed Senate Bill No. 848, I have consistently advocated for the provision of support and guidance to our Overseas Filipino Workers or OFWs and their families to ensure that their finances are well-managed and sustainable.
The Bangko Sentral ng Pilipinas or BSP announced that, “Personal remittances from overseas Filipino workers (OFWs) grew by 2.6 percent to US$3.02 billion in February 2025, up from the US$2.95 billion registered in February 2024. The cumulative remittances also reached US$6.27 billion in January-February 2025, higher by 2.7 percent than the US$6.10 billion recorded in January-February 2024.” These figures show the great potential of the OFW remittances to help improve our economy and the lives of their families.
However, the data on the 3rd Quarter Consumer Expectation Survey of the BSP conducted in December 2025 reveals that majority of the OFW remittances are still spent for basic needs such as food and other household needs, education and medical expenses. Savings and investments are among the least priorities, reflecting limited allocation of finances for investment, trade and industry which will allow them to generate additional income.
Mr. President, it is our goal to make the OFWs financially stable, such that even if the OFW stops working, they will have enough resources to sustain their family.
The “Free OFW Financial Education Act” brings together the concerned government agencies including the Department of Migrant Workers (DMW), the Overseas Workers Welfare Administration (OWWA), the Department of Finance (DOF), the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) to provide free financial education or literacy training programs to the OFWs and their families or dependents.
Through the utilization of advanced communication technologies, such financial education seminars may be done online, making it convenient and cheaper for our OFWs and their families.
Alam natin ang sakripisyo ng ating mga kababayan na nagtatrabaho sa ibayong lugar. Palagi nating sinasabi na hinidi biro ang malayo sa pamilya at hindi madali ang magtrabaho sa dayuhang lupa. Dahil dito, dapat nating siguruhin na nabibigyan sila ng sapat na kaalaman at suporta kung paano sisiguruhin na ang kanilang kinikita ay kanilang mapapaunlad at magiging sapat o sobra pa upang buhayin ang kanilang pamilya kahit hindi na mangibang-bayan ang ating OFW.
We invite our colleagues to support the immediate passage of this measure.
Thank you, Mr. President.
