Filipinos can now easily apply for loan in like with the Employment Permit System for Filipino workers wanting to work in South Korea.
In cooperation with Land Bank of the Philippines, Department of Labor and Philippine Overseas Employment Administration, overseas-bound Filipinos are entitled to apply for a loan which will be used for pre-departure fees and some mobilization costs.
A loanable financial assistance amounting to P52,000 with an interest rate of 10 percent per annum is said to be payable within 12 months of amortization.
Requirements and Qualifications:
- At least 21 years old
- Should be enrolled in any Landbank banking program (Landbank Auto Save Account and Credit Life Insurance)
- Processing Fee
- Deed of Undertaking (This will serve as a legal documentation that the OFW will pay the loan with their salary abroad)
- Enrolment of Landbank account under HRD Korea
Cost of Mobilization:
- TB Test – P1,028
- Re-medical fee – P1,200
- Preliminary Training – P500
- Pag-IBIG Contribution, OWWA Contribution, Overseas Employment Certificate, and Philhealth Premium – P5,786
- Visa Fee – P2,250
- Airfare – P11, 000 to P16, 000 (for peak season)
- NBI Clearance – P115
Rosalinda Dimailis-Baldoz, Labor and Employment secretary said that she is confident that this government assistance will uphold stronger cooperation between the Government of South Korea and Philippines to strengthen the Employment Permit System (EPS), hoping that they will continue to sustain work opportunities for deserving individuals.
This year, the quota for the EPS reached to 6,800, higher than last year’s 4600 jobs. The Labor Secretary is confident that the OFW beneficiaries will remain committed to their responsibilities so as to attain more benefits from this assistance program.