Senator Villanueva supports calls for lower fees for OFW remittances

Senator Joel Villanueva on Thursday expressed support for the Department of Finance's initiative to reduce remittance fees for overseas Filipino workers (OFWs), saying it strengthens the case for the immediate passage of the proposed OFW Remittance Protection Act.

In a statement, Villanueva said the DOF's call provides renewed momentum for Senate Bill No. 1917, which seeks to protect OFWs from excessive remittance costs through greater transparency and consumer safeguards.

The measure, which Villanueva principally sponsored and authored, was approved on third reading by the Senate in March 2026.

Under the bill, remittance service providers would be required to clearly disclose all fees and applicable foreign exchange rates to prevent unreasonable deductions from remittances.

The proposal also seeks to prohibit sudden or unilateral changes in remittance charges, require consultations with stakeholders before fee adjustments are implemented, and impose penalties on service providers that violate the law.

"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 said.

He emphasized the significant contribution of OFWs to the Philippine economy, saying they deserve a remittance system that is secure, affordable, and accessible.

"The earnings of our OFWs should directly benefit their loved ones, and not be diminished by unnecessary costs," he added.