Loren Legarda Files Bill Seeking To Cut Fees On OFW Money Remittances

Loren Legarda Files Bill Seeking To Cut Costs Of Remittances

LOREN LEGARDA – Senator Loren Legarda has filed a bill that seeks to protect the money remittances of Overseas Filipino Workers (OFW).

The first round of filing of bills and resolutions in the Senate will be on Monday, July 25. Based on the principle of seniority and length of service, Sen. Loren Legarda will be the first to be given opportunity to file bills.

The politician has been a member of the chamber for 18 years. Next expected to file their respective measures are Senators Bong Revilla Jr., Lito Lapid, and Pia Cayetano. They will be followed by Senators Francis Escudero, Jinggoy Estrada, and Alan Peter Cayetano.

Loren Legarda — Photo lifted from Rappler

Last May, former President Rodrigo Roa Duterte lauded the four-term senator for her major contributions to the country. He noted the major contribution of the female lawmaker such as the universal healthcare program, free college education, salary increases for cops, soldiers, and government personnel as well as irrigation for farmers.

“Sa awa ng Diyos lahat ng hiningi ko, binigay niya… Yung free irrigation [for small farmers] siya nag-sponsor, siya nagpadagdag ng increase ng sweldo ng mga pulis at sundalo, yung free college tertiary education, at yung sinabi kong universal healthcare. Yan ang some of the few na achievements niya,” Duterte said.

Based on a report from Inquirer, Loren Legarda has filed a bill that aims to stop remittance companies from charging excessive fees on money that overseas Filipino workers (OFWs) send home to their families in the Philippines.

Legarda noted how the costs typically reduce the money transferred to its intended beneficiaries. She stated Senate Bill No. 10 aims to allow the government to clamp down on unfair charges made by “intermediaries or financial institutions” on OFW remittances.

“It is imperative for the government to protect the money transfers from several fees and incredulous interest rates imposed by financial institutions,” she said.