Here’s a piece of good news to all overseas Filipino workers.

The Philippine Congress recently stamped its approval on the second reading of a legislation that will grant up to 50 percent discount on fees charged on all Filipino expatriates’ remittances.

Known as the “Overseas Filipino Workers (OFWs) Remittance Protection Act,” House Bill 9032 seeks “to mandate banks, money transfer operators and other non-bank financial institutions to cut the money transfer charges by 10 to 50 percent.”

The legislative measure, according to a Gulf News report, is deemed to ensure that more remitted funds will be in the pockets of OFW beneficiaries back in the Philippines.It also stipulates that “companies which provide money transfer services to Filipino expatriates, including banks and non-bank financial intermediaries, are mandated to lower their fees, depending on the amount of money being forwarded.”

The approved legislation will also prohibit service providers from making any increase on their current charges without prior consultation with the Philippines’ Department of Finance, Bangko Sentral ng Pilipinas and the Philippine Overseas Employment Administration.

In addition, businesses, which cut their charges, “can seek a refund from the government in the form of a tax deduction based on the cost of services rendered for the OFWs.”

“The tax deduction shall be mandatory, thus it shall grant incentives for remittance establishments as they grant the discounts,” the bill states.

Penalties of imprisonment and fine will be meted on those who will be found violating all the provisions mentioned in the bill.

Representative Jesulito Manalo (Party-list, ANGKLA), as well as by Rep. Micaela Violago, deputy speaker Linabelle Ruth Villarica, and Reps. Francisco Datol Jr., and Fernando Gonzalez were among the principal authors of the bill.