Manila: Sen. Joel Villanueva on Thursday emphasized that the Department of Finance's (DOF) move to reduce remittance fees for overseas Filipino workers (OFWs) highlights the urgency of a Senate-approved measure aimed at safeguarding every peso sent home by Filipino workers abroad.
According to Philippines News Agency, Villanueva stated that the DOF initiative underscores the necessity of enacting Senate Bill No. 1917, or the proposed OFWs Remittance Protection Act, which the Senate approved on third and final reading in March. "We strongly support the initiative of the Department of Finance to find ways to reduce the remittance fees of our OFWs," Villanueva said. "The DOF's call gives us an impetus to push anew for the passage into law of our OFWs Remittance Protection bill," he added.
Finance Secretary Frederick Go has expressed the government's intent to lower the cost of OFW remittances, highlighting that fees can consume about 6 to 10 percent of the money sent home by migrant workers. Villanueva, who principally sponsored and authored SBN 1917, mentioned that the measure would require remittance service providers to transparently disclose all fees and foreign exchange rates to prevent unreasonable deductions on remittances.
The bill also bars sudden or unilateral changes in charges, mandates consultations with stakeholders before fee adjustments, and imposes penalties on violators. "The OFW Remittance Protection bill is about fairness. It ensures that the hard-earned money of our modern-day heroes is protected through transparent remittance costs, stronger consumer safeguards, and greater accountability from financial service providers," Villanueva noted. "Our OFWs keep the Philippine economy robust. They deserve a system that values their sacrifices by making every remittance secure, affordable, and accessible," he said.
The Senate approved SB N1917 on March 16, alongside other measures, including proposals aimed at protecting OFWs and Filipino families. Bangko Sentral ng Pilipinas (BSP) data indicated that cash remittances reached a record USD35.63 billion in 2025, rising 3.3 percent from USD34.49 billion in 2024. The BSP also reported that personal remittances climbed to USD3.04 billion in April 2026, with remittance inflows continuing to grow from January to April amid prevailing global economic conditions.
However, the World Bank's Remittance Prices Worldwide monitor observed that sending remittances costs an average of 6.36 percent of the amount sent, emphasizing the ongoing push to make cross-border money transfers cheaper and more transparent.
