Overseas Filipino workers (OFWs) and their families may now take advantage of the livelihood loan assistance where they can borrow from Php 100,000.00 up to 2 million pesos.
Silvestre H. Bello III, Secretary of the Department of Labor and Employment, recently announced this following the signing of a memorandum of agreement implementing the OFW-Enterprise Development and Loan Program (OFW-EDLP), a joint program between the Department of Labor and Employment–Overseas Workers Welfare Administration (OWWA) and the Department of Trade and Industry (DTI).
“This joint undertaking addresses one of the eight-point labor and employment agenda of the Department of Labor and Employment, which is to bring more focus and accessibility on workers’ protection and welfare program, specifically the OFWs,” said the Labor chief.
OFW-EDLP is also in partnership with the Land Bank of the Philippines and the Development Bank of the Philippines. It hopes to help OFWs and their families to pursue their entrepreneurial goals by allowing individual borrowers to loan as much as Php 100,000.00 up to a maximum of P2 million. Group borrowers, on the other hand, can loan up to a maximum amount of P5 million.
To be eligible for this loan program, borrowers should be:
1. OWWA members (active and non-active)
2. Currently employed abroad or have returned to the Philippines within the last 3 years.
3. Completed the Enhanced Entrepreneurial Development Training (EEDT)
Along with that, partnerships, corporations, and cooperatives that have OFW members who are OWWA certified may also avail of the program.
The loaned amount will go with a fixed 7.5 per annum interest rate for the loan’s duration. Once a loan is approved, the money could either be used as a working capital or for purchasing needed assets for business operations.
The program, however, requires that the proposed business should have a market and should be able to earn at least 10,000 per month as an income.
For additional information, go visit the Philippine Information Agency website.