Senator Mark Villar co-sponsored Senate Bill No. 1917, or the Overseas Filipino Workers Remittance Protection Act, in recognition of the vital contributions of OFWs to the country.
In the Senator’s speech, he highlighted the indispensable contributions to the Philippine economy. In 2025 alone, remittances hit an all-time high of $35.63 billion USD, accounting for approximately 7.3% of the country’s Gross Domestic Product (GDP).
“Considering this essential economic contribution of OFWs, it is imperative that we guarantee the protection of their hard-earned money, which in turn ensures their financial security,” Villar stressed.
The sponsored legislative measure aims to safeguard the hard-earned money of over 10 million Filipinos abroad by regulating remittance fees, ensuring consumer safeguards, enhancing transparency in foreign exchange, and mandating financial literacy for OFWs and their families.
“Sa pamamagitan ng mga programang ito, masisigurado natin na mabibigyang proteksyon ang mga OFW mula sa iba’t-ibang financial scams at maiwasan ang unsound financial decisions at mauwi sa wala ang kanilang mga pinaghirapan,” Villar added.
The Senator called for the swift passage of the measure, citing that the OFWs’ vital contribution to the nation should be met with institutional protection.
“It is only right and just that we institutionalize the protection of OFWs and their remittances, which have been keeping the gears of our national development agenda running,” Senator Villar underscored.
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Senator Mark Villar co-sponsors and co-authors the OFW Remittance Protection Act, to safeguard the hard-earned money of over 10 million Filipinos abroad. He aims to institutionalize financial security for OFWs by regulating remittance fees, enhancing transparency in exchange rates, and providing mandatory financial literacy programs for OFWs and their families.
