Loans for Overseas Filipino Workers: A project of Overseas Workers Welfare Administration for OFW

OFW Reintegration Program releases loans
for first 12 availees
Image Credit: owwa.gov.ph

President Benigno S. Aquino is encouraging Overseas Filipino Workers (OFWs) to avail the loans being offered by the Overseas Workers Welfare Administration (OWWA) that can be of big financial assistance for them to start their own businesses in the country, as reported by several Philippine news sites, June 9, 2011.

Apparently, press statement from OWWA reveals that President Aquino launched a P2-billion reintegration program that is designed primarily to lend P300,000.00 - P2,000,000.00 to OFWs at an interest rate of 7.5 percent per annum.

 President Aquino reportedly launched the program during the First National Congress of OFWs and their families during the Migrant Workers Day last June 7 at the SMX Convention Center.

Loans can be used by the OFWs and their families to start and support the development and operation of small enterprises upon returning from their overseas jobs.

Rosalinda Dimapilis-Baldoz, Labor Secretary, was noted reading the letter from the president citing, “This reintegration fund is intended to give you the opportunity to stat your chosen businesses and not need foreign deployment anymore to help your families.”

Related reports claim that the P2 billion funds will consist of P1-billion fro the trust funds of OWWA, with the Development Bank of the Philippines (DBP) and the Land Bank of the Philippines (LBP) each contributing P500-million.

Further attested, the loans for working capital or purchase of fixed assets are payable within 7 years and that OFWs, active members or were once members of OWWA and who have returned home, are qualified to apply for a loan.

Image Credit: owwa.gov.ph