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OVERSEAS Filipino workers (OFWs) may get loans from the government to start new business ventures.
OVERSEAS Filipino workers (OFWs) may get loans from the government to start new business ventures.
Overseas Workers Welfare Administration Administrator (Owwa) Carmelita Dizon, who visited the city recently, said OFWs who are Owwa members, including former members, are qualified to apply for an enterprise loan under the P2-billion OFW-Reintegration Program (OFW-RP).
The OFW-RP is jointly being implemented by the Department of Labor and Employment and Owwa, National Reintegration Center for OFWs, Land Bank of the Philippines and the Development Bank of the Philippines.
As early as now, many OFWs have already signified interest with numerous inquiries reaching Owwa-CAR in starting up small business enterprises in the region.
Dole Secretary Rosalinda Dimapilis-Baldoz in a press statement explained OFWs who have contributed US$25 to Owwa upon processing their employment contract at the Philippine Overseas Employment Administration and OFWs who voluntarily registered are entitled to Owwa benefits and services, which include availing of business loans under the OFW-RP program,
Also entitled for the loan are OFWs who paid the Owwa membership contribution at the Philippine Overseas Labor Office at their job sites overseas.
Owwa announced the program aims to help OFWs prepare for alternative employment or business undertaking upon their return to the country.
The program provides returning OFWs counseling on saving and financial management to help them manage and sustain their overseas earnings; skills training, retooling, and upgrading to promote their employability and competitiveness; employment facilitation services to help them in their job search, locally or overseas; and livelihood and enterprise development assistance for OFWs who want to set-up businesses.
OFWs who are members of Owwa who want to avail of business loans under the OFW-RP are required to complete entrepreneurial development training scheduled by the nearest Owwa regional office.
During training, OFW entrepreneurs through training are oriented on various business opportunities, and on the basics of starting a business and preparing a business plan.
It also assesses the participants’ capability to manage any business enterprise to help them find out and address their weaknesses before implementing their business plan.
Interested OFWs are required to submit business plans to the LBP and DBP, which will evaluate the viability of the business enterprise they want to set up.
The other requirements OFWs should submit to partner banks in applying for the reintegration loan assistance includes an Owwa certification that the borrower is a bona fide Owwa member, has completed EDT, and has good credit history; and bio-data.
For a start-up business, other requirements include a certificate of registration from the DTI, and a Mayor’s permit.
For existing business enterprises, other requirements are certificate of registration from DTI, Mayor’s permit, Income Tax Return for the last three years, financial statements filed with BIR in the last three years, latest interim financial statement, and statement of assets and liabilities.
Interested eligible borrowers may proceed to the nearest Owwa regional office for other inquiries or may call 300-3658.
By JM Agreda