PIA Press Release
Friday, January 06, 2012
53 OFWs, dependents receive OWWA loan assistanceby Larry Lopez
TABUK, Kalinga, Jan. 6(PIA) -- Fifty three (53) overseas Filipino workers (OFWs) and dependents can now start their own business with the loan assistance from the Land Bank of the Philippines (LBP).
The group is the second batch of beneficiaries under Overseas Worker’s Welfare Administration’s (OWWA) livelihood reintegration program to OFW returnees and dependents in the province who availed of the financial aid after taking the livelihood orientation last month.
Under the program, beneficiaries are granted collateralized loan from P300,000 to P2 million by conduit banks as start-up capital. In the province, the conduit bank is LBP.
OWWA encourages OFW dependents to open their own business in their localities through the financial assistance as possible fall-back to any untoward incident met by their relatives in countries where they are deployed.
Carlos Tumbali of the Department of Labor and Employment (DOLE) said the loan requires land title as collateral to assure that the business started would grow and prosper so that the objective of the program won’t get defeated.
Applicants are assisted by the Department of Trade and Industry (DTI) in the preparation of project proposal showing feasibility of the livelihood project to be financed.
Spouses of married OFWs who are deployed can apply as beneficiaries, while kin and parents of single OFWs are accommodated under the loan program.
The lending bank charges an interest rate of 7.5% annually on the loan payable within three years depending on the terms set.
OWWA has launched the livelihood program following the spate of hostilities in many host countries that displaced thousands of OFWs.(JDP/LL- PIA CAR, Kalinga)