OWWA: OFWs to get more flexible loan programs
by FFE PH News staff
The Overseas Workers Welfare Administration has promised that requirements and applications for overseas Filipino workers’ loan programs will be eased.
OWWA Administrator Carmelita Dizon said “we are making adjustments in procedures and requirements in response to reports that some are finding it hard to avail of the loan assistance.” The administrator also clarified reports that OWWA requirements were too difficult fulfill.
She said “the OWWA actually almost [does] not ask for any requirement. We just check with our database if they are members, active or non-active. Then we will provide them with certification, saying they are OFW or former OFW, which they have to show to Land Bank.”
She also added that persons who apply on behalf of a member only need an authorisation and undergo one-day training on financial literacy.
OWWA Administrator Carmelita Dizon
The administrator said that OWWA continues to expand and improve the programme in response to observations from the public and to accommodate more people. OWWA, Land Bank and the Department of Agriculture have talked about the possibility of expanding the loan to agribusiness.
The Philippine government has implemented a Php2-billion reintegration programme for OFWs. OWWA and Land Bank offer these loans to members, especially distressed or displaced workers, who want to return for good and start or expand an existing business.
Under the programme, OFWs may apply for loans from Php300,000 to Php2 million. Although the loan is non-collateral, Dimzon explained that borrowers should submit a proof of confirmed market purchase or a list of mortgage-able assets for purposes of loan security. She added that applicants also need to know that their business proposals will undergo careful scrutiny by evaluators.
The administrator claimed that 700 OFWs have already availed of the assistance, which amounts to more than Php500 million.