Villanueva proposes bill to cut OFW remittance fees by half

Senator Joel Villanueva is proposing to cut remittance fees for overseas Filipino workers (OFWs) by half through Senate Bill No. 181.

Villanueva believes that high remittance fees diminish the value of OFWs' hard-earned money and negatively impact the financial well-being of their families in the Philippines.

The proposed Overseas Filipino Workers Remittance Protection Act aims to increase transparency and accountability in remittance charges.

He emphasized that remittances serve as a crucial lifeline for OFW families, supporting their essential needs.

Villanueva expressed confidence that the legislation would provide a framework for significant fee reductions, allowing OFW families to benefit more from the sacrifices of their loved ones abroad.

Data from the Bangko Sentral ng Pilipinas (BSP) shows that OFW remittances amounted to approximately P1.16 trillion from January to July of 2025.

For the full year of 2024, remittances reached US$34.5 billion (P2.01 trillion), contributing 8.3 percent to the country's Gross Domestic Product and serving as a stable economic growth driver.