Pampanga 3rd District Representative Aurelio “Dong” Gonzales Jr.’s bill seeking a 50 percent discount on the remittance fees of overseas Filipino workers (OFWs) was granted a third and final approval from the House of Representatives.

If enacted, OFWs would best benefit from the “Overseas Filipino Workers Remittance Protection Act” or House Bill 7951 especially during the pandemic.

Garnering 224 yes and 0 no, HB 7951 “would save OFWs billions in remittance fees that their families could use as additional funds during this time of pandemic,” Gonzales said.
In 2017, around P1.4 trillion was delivered to their relatives here, with average remittance charges of 8 percent.

“At eight percent, the total cost of remitting the P1.4 trillion to OFW families amounted to P112 billion. Cutting that by half would mean an additional P56 billion in the pockets of OFWs families, money they could spend for necessities,” the principal author added.

The measure will penalize those who will raise remittance rates without approval from the Department of Finance, the Bangko Sentral ng Pilipinas and the Philippine Overseas Employment Administration.

While banks and non-bank financial intermediaries are allowed to increase fees, a 50-percent discount should still be observed.

Establishments complying with the proposed bill can file the discounts given as tax deductions.

Those who will violate the HB 7951 will face imprisonment for two months and one day to 12 years along with a penalty worth P200 up to P750,000.

Photo Credit: Facebook/Aurelio “Dong” D. Gonzales Jr.