This was as the House Committee on Overseas Workers Affairs, chaired by Kabayan party-list Rep. Ron Salo, on Thursday began deliberationson House Bills 185, 1190, 2944, 3020, 4170, 4257, 4343, 4397 and 4469.
Citing a World Bank study, Deputy Speaker Aurelio Gonzales Jr. said OFWs paid $3.44 billion in fees on the $31.4 billion they sent home to their families last year.“Had the bill been enacted, it would have saved our workers $1.72 billion or P95.67 billion at the exchange rate of P55.70 to one US dollar,” he said.
The House had approved the bill on third and final in December 2020 during the 18th Congress, but the Senate failed to pass its version of the measure. These remittance establishments would also be required to post inconspicuous places on their premises the prevailing foreign exchange rate to be used in converting OFW remittances into Philippine pesos.
Citing the OFWs’ high contribution to the Philippine economy through remittances, Yap said the bill would help protect the financial welfare of OFWs, as well as sustain the country’s economic growth.