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| Image Credit: landbank.com |
Development Bank of the
Philippines (DBP) and Land Bank of the Philippines (Landbank) are making a loan
facility available and ready for Filipino migrant workers and their families
who want to start up a business, as reported by several local news sites, June
30, 2011.
Francisco F. Del Rosario,
DBP president and chief executive officer, through a chance interview at the
DBP headquarters in Makati on Monday, was reportedly quoted saying, “This loan
facility will give OFWs (overseas Filipino workers) and their families the
opportunity to either put up their business or upgrade their existing
businesses.”
Mr. Del Rosario said
through similar reports that loans may be used for the construction,
renovation, expansion, and repair of the OFW’s existing business or as seed
money for a new business and acquisition of new equipment.
DBP officials launched the
loan facility dubbed the “DBP-OFW Reintegration Program” on June 24 at the
Philippine Overseas Labor Office in Dubai in the United Arab Emirates (UAE).
Requirements and
conditions:
- OFWs who are members of the Overseas Workers Welfare Administration (OWWA) with existing employment contracts will be covered by the facility.
- Only one OFW per family is eligible to apply for the loan. In instances that the OFW is out of the country, a relative under the first degree of consanguinity that is the relative may represent him or her should be the OFW’s parent, child or sibling. The relative also has to present a special-power-of-attorney.
- DBP or Landbank may provide up to 80% of the total cost of the business project with a cost amounting to P300,000 to P2 million.
- Loans will carry a maximum term of seven years with an annual interest of 7.5%, which is reviewable annually.
Priority investments and
industries under the program include franchising, health care, tourism and
agribusiness, Mr. Del Rosario said.
Landbank president and
chief executive officer Gilda E. Pico said that Landbank approved P8.3 million
worth of loans for 12 OFWs under the program.
She pointed out that
qualified projects are those that have a client base or solid target market and
businesses that will at least generate an income of P10,000 every month.
The DBP-OFW Reintegration
Program has a total loanable amount of P2 billion.
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my son is an OFW in Korea, how to join in the OFW Reintegration loan? if he plans a businesses like computer shops, rice dealer, bakery, etc. does it include to the loan? if ever, how do we avail the OFW loan? what are the requirements?
ReplyDeleteI am an OFW working here in Saudi Arabia for more than 20 years, wants to go home for good and planning to put up business of my own. Does a Transportation Business inline in OFW Reintegration Program to loan?
ReplyDeleteFamily member may apply for the said loan. Please visit any of the two state run banks:
ReplyDelete1. Development Bank of the Philippines (DBP)
Contact Information:
Head Office: Sen. Gil J. Puyat Avenue corner Makati Avenue, Makati City, Philippines
Mailing Address: P.O. Box 1996 Makati Central Post Office 1200 Makati City, Philippines
Trunk Line: (632) 818-9511 to 20/818-9611 to 20
E-mail: info@devbankphil.com.ph
2. Land Bank of the Philippines (Landbank)
Contact Information
Asia Pacific:
551-2200 local 2744; 2743
Europe and USA:
405-7621
Middle East
551-2200 local 2520; 2421
Land Based/Sea-Based:
405-7241; 551-2200 local 2404
Thanks :)
Hope to hear from you again.
hi, i am a teacher here in kuwait and my husband is also working in a good company here, i just want to know if i can avail the loan offered even if i will not be having a business there in philippines, i will use the money to settle some personal loans with high interest,i've computed it and it will be easy for me to pay your bank with an interest of 7.5 annual rather than paying my personal loans with high interest. hope to receive an immediate response.
ReplyDeletethank you.
Hello,
ReplyDeleteFor a complete information regarding your concerns, it would be best to call either DBP or LandBank with the above given contact numbers.
Thank you
hello... my wife is a household service worker in saudi arabia, when she got home last april, her employer did not allow her to return due to the current ban for household service worker in KSA. Is she eligible for the reintegration program of the OWWA?
ReplyDeleteIf your wife is a member of the Overseas Workers Welfare Administration (OWWA) with existing employment contract, then she is very eligible for the said program.
ReplyDeleteFor further inquiry, you may contact Director Vivian Tornea::
Tel No.:
(632) 527-6184 and (632) 526-26-33
email:
nrcodole@yahoo.com
Hi Good day! I was formerly an OFW, and I have worked in Saudi Arabia for 9 years. All of my employments there were supported by Certificate of Employments. Can I apply for a business loan?
ReplyDeleteMy computer services which is in our house only requires additional working capital to expand its operation and to transfer it to a better location and/or in a commercial area.
Your reply is highly appreciated.
Hello,
ReplyDeleteAs far as I understand it right, the loan facility is open to those who are actively employed outside the country. But since you've been an OFW for more than 5 years with records to present, then it is worth a try.
For best response, you may contact their hotline through the following numbers:
Tel No.:
(632) 527-6184 and (632) 526-26-33
email:
nrcodole@yahoo.com
Greetings mam,
ReplyDeleteAsk ko lang po kung pwede po ba akong makapag loan ng pambili ko ng pampasaherong jeep,may binebenta po kasi d2 sa amin kasama na ang prangkisa,ofw po ako in 5years at 1st time ko lang po sanang mag loan,paalis din po ako ulet sa january papuntang ibang bansa.Maari po kayong mag reply sa email ko vlombresvillamor@yahoo.com
greetings,
ReplyDeleteang loan application ko para sa OFW REINTEGRATION PROGRAM ay nai-file (submitted / indorsed ) na ng OWWA sa LAND BANK OF THE PHILIPPINES. ang problema hindi ako marunong sumulat ng BUSINESS PLAN na isa sa requirements na dapat i-submit sa LAND BANK OF THE PHILIPPINES for evaluation for the approval of my loan application.may kilala ba kayo na marunong sumulat ng BUSINESS PLAN. Please email me at gomertabanao@ymail.com. thanks a lot
01 December 2011
ReplyDeleteHi! Ms. Pascual,
I'm glad that I find your website and your program for DBP-OFW Reintegration program. Can you give a details for this matter cause I have plan to apply this program for my house renovation.
Please give me an advices for the details requirements documents loan for my side as OFW employee here in Riyadh.
Thanks and Best Regards...
Dear Ms. Pascual,
ReplyDeleteGood day.
Dati po ako na OFW. I returned last Aug. 2008.
Gusto ko mag franchise sa small business ng anak ko.
Eligible ba ako mag avail ng OFW Reintegration Program.
Appreeciate hearing from you.
Thanks and regards.
Allan T. Alcantara
email: allan.alcantara@hotmail.com
I received letter from LBP Koronadal south cotabato dtd Nov. 11, 2011 which reads as follows: We have evaluated your project proposal as endorsed by OWWA-12 based on the guidelines of OFW-Rp program. Further assessment will be necessary to determuine your eligibility under the said loan program. Thus, you are required to submit documents per herein attached checklist of loan requirements. (Sgd} Dante M. Abad, Head, LBP lending center. That I submitted abovesaid requirements on Nov. 19, 2011 except as to the documentary requirements pertaining to collateral. I asked the said bank to adopt or apply the guidelines and processing requirements as set forth under the partnership forged by the LBP and the OWWA which is collateral free but the said bank insist and require real estate collateral. This result further to the delay in the processing and approval of my loan application despite of the fact that I am eligible as certified and endorsed by OWWA-12 and as shown on my business plan and processing requirements that the subect project proposal has confirmrd existing and prospective market capable to generate monthly net income of P86,000, but the same remains inacted by the said bank. The cause of the delay in the approval and the failure by the said bank to act upon said loan application within the required 45 working days was due to their failure to apply abovesaid processing requirements, the processing of which now become 4 months and they still insist to let me provide security for the loan. Your assistance on this matter is earnestly sougt. Very Truly Yours, Mr. Amer B. Guro, Guro Gen. Merchandise, Espanol Bldg., Alunan Ave., Koronadal city, South Cotabato.
ReplyDeletehi! I am an OFW and had long been back in the country. Last arrival and end of contract was 2002. I lost my old passport too. I pursue nuring and is now UNEMPLOYED. Am I still eligible for the said program?Thanks!
ReplyDeleteThis government program is a great help for former or current ofw .. there's a lot of benefits if your an ofw .. for more concerns about loan for ofw .. kindly visit this great site
ReplyDeletegood afternoon po. I've been an ofw here in Northern mariana Island for more than twenty years,also an Owwa member, but for five years na hindi ako nakauwi ng pilipinas hindi na rin ako nakapag-update ng membership payment ko sa owwa,it is because sa Saipan pa ang office ng philipinnes consulate which is we need to travel 45minutes by plane from here. So pwede po ba ako maka-avail ng loan? I'm planning to go back to phil. next month for good kasi wala rin nangyari sa pagta-trabaho ko dito sa hina ng mga business ngayon at delayed pa ang sweldo so i decided to go back there at magsimula ng maliit na negosyo. My other question is paano kung wala kaming assets or papeles ng assets maipakita? Will you still give us a chance to start a business sa pilipinas?
ReplyDeletegood day ma am i like to ask about the loan if my wife can avail of that loan because were planing to put up a business related to buy and selling.my question is what are the requerments that my wife needed to avail that loan because i m still in u.a,e. can you please help me?
ReplyDeleteCan I apply for this OFW loan even I dont have account in your bank.
ReplyDelete