MANILA — Sen. Raffy Tulfo welcomed the approval on second reading of a proposed measure that seeks to provide free financial literacy education for overseas Filipino workers and their families.

Tulfo, chairperson of the Senate Committee on Migrant Workers, expressed satisfaction after the Senate of the Philippines passed on second reading Senate Bill No. 1910, also known as the “Free OFW Financial Literacy Education Act,” on March 11.

The senator, who served as principal sponsor and one of the authors of the bill, said the proposal aims to provide financial education to overseas Filipino workers and their families. The measure covers land-based and sea-based OFWs, whether documented or undocumented, as well as their families or dependents.

In explaining the proposed legislation, Tulfo said the initiative seeks to help OFWs manage their earnings and avoid financial difficulties when they return home.

“Its purpose is to educate our OFWs and their families on how to save money.

“Hindi po ito ayuda. Ito po ay tulong para mabigyan sila ng education tungkol sa pagse-save ng pera nila while working abroad para pagbalik nila ng Pilipinas ay hindi po sila walang-wala.”

He added: “Tulad ng iba, when they come back to the Philippines, wala sila kahit na single centavo, bankrupt sila becuase while they were there, naubos ang pera nila.”

Under the proposed measure, OFWs will be required to undergo mandatory and regularly updated financial literacy training as part of the Pre-Departure Orientation Seminar before leaving the country.

The bill also requires OFWs to attend Post-Arrival Training Seminars on financial education within a reasonable period after arriving in their host countries during their first employment contract or when transferring to another job abroad without returning to the Philippines.

For Filipino seafarers, the measure allows them the option to participate in the financial literacy seminars at their points of hire or within a reasonable time after returning to the country.

The proposed legislation also provides that families and dependents of OFWs across the Philippines will be given access to financial education through online seminars and other appropriate learning platforms.