OWWA willing to lend P50K for displaced OFWs
01/26/2009 | 05:23 PM
MANILA, Philippines - The Overseas Workers Welfare Administration (OWWA) on Monday announced that it has opened up a lending program for overseas Filipino Workers (OFWs) displaced due to the global economic slump.
Carmelita Dimzon, OWWA chief, said that her agency can lend up to P50,000 to a displaced OFW for him or her to start a livelihood project or business enterprise.
The loan, Dimzon said in a statement, is available at a low five percent interest per annum with no collateral and is payable for over 24 months with an interest-free grace period of 80 days.
The OWWA chief said the lending program, which Labor Secretary Marianito Roque approved, is part of President Gloria Macapagal Arroyo's Comprehensive Livelihood and Emergency Employment Program.
The Labor secretary has also issued an administrative order last week that provides guidelines for the availment of the Filipino Expatriate Livelihood Support Fund (FELSF).
Dimzon said that their agency has already released the loans of the first four FELSF borrowers and more are expected to be released in the following days in other regions.
The OWWA Board of Trustees has allocated the amount of P100 million for the FELSF as an economic safety net, after the guidelines and procedures for loan applications were approved.
The OWWA chief added that an OFW must first attend the free business courses on the production and management of their livelihood projects to borrow from the FELSF.
"These skills are important to an OFW with the ambition of transforming into an entrepreneur with a sustainable, income-producing project for the long term," Dimzon said.
The loan requirements are: OWWA membership; proof of displacement due to the global financial crisis; business proposal and a promissory note; and marital consent for married borrowers.
The Labor department on the other hand defined a displaced OFW due to the financial crisis as those who have been terminated after October 15, 2008 due to factory closures or company downsizing.
The National Reintegration Center for OFWs and the OWWA Regional Welfare Offices will endorse or pre-qualify OFWs as displaced based on the following.
1)Inclusion of the name of applicant in the list of displaced OFWs provided by the Philippine Overseas Labor Offices (POLOS) to appropriate DOLE agencies;
2) Upon validation of the information directly with the POLOS;
3) Upon interview and validation personally with the applicant to prove that his/her displacement is due to the global financial crisis.
If loan applications are completed with required documents, OWWA will immediately act on loan applications upon its submission. Attendance in the free business courses is a pre-qualifying phase. - GMANews.TV
Carmelita Dimzon, OWWA chief, said that her agency can lend up to P50,000 to a displaced OFW for him or her to start a livelihood project or business enterprise.
The loan, Dimzon said in a statement, is available at a low five percent interest per annum with no collateral and is payable for over 24 months with an interest-free grace period of 80 days.
The OWWA chief said the lending program, which Labor Secretary Marianito Roque approved, is part of President Gloria Macapagal Arroyo's Comprehensive Livelihood and Emergency Employment Program.
The Labor secretary has also issued an administrative order last week that provides guidelines for the availment of the Filipino Expatriate Livelihood Support Fund (FELSF).
Dimzon said that their agency has already released the loans of the first four FELSF borrowers and more are expected to be released in the following days in other regions.
The OWWA Board of Trustees has allocated the amount of P100 million for the FELSF as an economic safety net, after the guidelines and procedures for loan applications were approved.
The OWWA chief added that an OFW must first attend the free business courses on the production and management of their livelihood projects to borrow from the FELSF.
"These skills are important to an OFW with the ambition of transforming into an entrepreneur with a sustainable, income-producing project for the long term," Dimzon said.
The loan requirements are: OWWA membership; proof of displacement due to the global financial crisis; business proposal and a promissory note; and marital consent for married borrowers.
The Labor department on the other hand defined a displaced OFW due to the financial crisis as those who have been terminated after October 15, 2008 due to factory closures or company downsizing.
The National Reintegration Center for OFWs and the OWWA Regional Welfare Offices will endorse or pre-qualify OFWs as displaced based on the following.
1)Inclusion of the name of applicant in the list of displaced OFWs provided by the Philippine Overseas Labor Offices (POLOS) to appropriate DOLE agencies;
2) Upon validation of the information directly with the POLOS;
3) Upon interview and validation personally with the applicant to prove that his/her displacement is due to the global financial crisis.
If loan applications are completed with required documents, OWWA will immediately act on loan applications upon its submission. Attendance in the free business courses is a pre-qualifying phase. - GMANews.TV
