Economy

Protect Every Peso: House Panel Pushes OFW Remittance Protection Act Amid New US Tax on Money Transfers

Tabloid PH Newsdesk

Feb 22, 2026 — 1 min read

Photo: Manila Bulletin

A new bill in the House of Representatives wants to make sure that every single peso our OFWs send home arrives intact — and AGIMAT Party-list Rep. Bryan Revilla is on a mission to get it passed ASAP.

House Bill No. 275, or the OFW Remittance Protection Act, aims to regulate excessive remittance fees, mandate transparency in exchange rates and charges, penalize predatory practices by financial institutions, and expand access to financial education for OFWs and their families. The House Committee on Overseas Workers Affairs is set to aggressively push for its approval in a hearing on Tuesday, February 24.

What’s lighting the fire under this bill? A new one percent federal tax in the United States on certain cash-based international remittances that took effect January 1, 2026. While bank and digital transfers are exempt, many overseas Filipinos — especially those without access to digital financial tools — could still get hit.

The numbers tell the story: the US accounts for roughly 40 percent of the Philippines’ total remittance inflows, and BSP data shows 95 percent of OFW remittances go straight to food and basic household needs. As Revilla put it: ‘Hindi na dapat mabawasan pa bawat remittance. Literal na dugo’t pawis ang kanilang puhunan dito.’

With millions of Filipino families depending on money from abroad just to put food on the table, this bill couldn’t come at a more critical time. Every percentage point matters — and our Bagong Bayani deserve better than watching their hard-earned money get chipped away by fees and taxes.

Source: Manila Bulletin

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