Latest news with #MagnaCartaofFilipinoSeafarers
Filipino Times
11-04-2025
- Business
- Filipino Times
DMW maritime stakeholders pledge joint commitment to protect rights of Filipino seafarers
The Department of Migrant Workers (DMW), together with partner agencies and major maritime stakeholders, has reaffirmed its strong commitment to uphold the rights and welfare of Filipino seafarers under the Magna Carta of Filipino Seafarers and its Implementing Rules and Regulations (IRR). Signed into law by President Ferdinand R. Marcos Jr., the Magna Carta guarantees key rights for Filipino seafarers, including fair wages, safe working environments, and opportunities for skills enhancement. DMW Undersecretary Felicitas Q. Bay led the ceremonial signing of the pledge of commitment alongside representatives from various maritime organizations and institutions. She underscored the shared responsibility of both government and industry to protect the dignity of Filipino seafarers and recognize their critical role in the global maritime sector. 'This pledge reinforces our duty as a nation to safeguard those who serve at sea and to provide them with the respect and support they deserve,' Bay said. Among the signatories were Internship Crew Philippines, Magsaysay Inc., Philippine Transmarine Corporation (PTC), Joint Manning Group (JMG), ALMA Maritime Group, Philippine Merchant Marine Academy (PMMA), National Maritime Polytechnic (NMP), Maritime Academy of Asia and the Pacific (MAAP), AMOSUP, and MATEU. Representatives from key government agencies such as the Department of Transportation (DOTr), Maritime Industry Authority (MARINA), Philippine Coast Guard (PCG), and others also took part in the event, highlighting the collective commitment to turn the Magna Carta from policy into action. The ceremony marked a unified promise to uphold the rights of seafarers, who remain vital to the nation's maritime economy.
Filipino Times
23-03-2025
- Business
- Filipino Times
Insurance Commission to issue regulations allowing OFWs to purchase protection plans abroad
The Insurance Commission (IC) aims to release new regulations this year, enabling overseas Filipino workers (OFWs) to purchase protection plans while working abroad. These long-awaited rules, which were initially expected last year, have faced several delays but are now closer to being finalized. IC Commissioner Reynaldo Regalado shared that the commission is still in discussions with the Department of Migrant Workers (DMW) to finalize the regulations. A significant point of focus is the implementation of Republic Act No. 12021, or the Magna Carta of Filipino Seafarers, which mandates adequate insurance coverage for Filipino seafarers. Regalado assured that efforts are underway to ensure the law's effective implementation. Currently, IC Circular Letter No. 2020-109 restricts local insurers from selling protection plans to clients abroad, limiting OFWs to purchasing insurance only when they are physically in the Philippines. This restriction has left many OFWs without adequate social protection while abroad. The insurance industry sees potential in expanding to the OFW market, with remittances reaching $2.92 billion in January 2025. The upcoming regulations will help set appropriate pricing for life insurance products, considering the varied risks faced by OFWs depending on their job and host country.
