PIA Press Release
Sunday, January 15, 2012
OWWA-Caraga offers reintegration program to OFWsby Robert E. Roperos
BUTUAN CITY, Jan. 15 (PIA) -– The Regional Office of the Overseas Workers Welfare Administration (OWWA) in Caraga Region continuous to offer reintegration program to Overseas Filipino Workers (OFWs) in the region.
In a radio interview this morning, Ms. Annette Lovete of OWWA-Caraga pointed out that OFWs who are members of OWWA can avail of a loan assistance to be used for investing business.
Lovete added the livelihood loan program is open for both active OFWs and those who were former OFWs but has been active members of OWWA. She said if they have at least one membership with OWWA, they can already avail of the program.
The program allows the qualified OFW applicants to a minimum of P300,000 an maximum of P2 million. “Thus, with this amount, they (OFW) can really start their business or livelihood,” Lovete said.
The official further said the interest rate is only 7.5 percent per annum. “This is lower compared to other finance institutions offering same program,” Lovete added.
Lovete stressed applicants should undergo Enterprise Development Training (EDT) and after the training, OWWA endorsed the applicants to its partner state banks: Land Bank of the Philippines (LBP) and Development bank of the Philippines (DBP) to ensure that the money borrowed will be used as what it is intended.
“The three-day EDT gives inputs to the applicants on values reintegration, financial literacy and how to handle business before the application will be granted,” she said.
Lovete also said OWWA will conduct constant monitoring of the business activities undertaken by the grantees to know whether or not the livelihood has helped them improved their lives, and to ensure that they can pay the money they borrowed plus the interest through their improved income.
The OWWA official explained further that the approving bank will really have to scrutinize the selection process to ensure that the grantee will succeed in whatever business or livelihood they will establish.
She said one of the requirements of the applicants is to submit a project proposal. With this proposal, the OWWA and the approving banks will conduct meticulous process before they will approve the application.
With this, Lovete said there is no reason why the grantees cannot pay the money they borrowed as well as the interest because the approving authorities should see to it that the project proposal submitted will be feasible, aside from assuring that the applicant is ready and has the capacity to pay his financial obligations.
To date, the official said since the program is being newly-introduced here, OFWs in the region are just starting to avail of the program. She said as per information from LBP, an application from an OFW of this city has just approved and will be granted some P2 million for the establishment of sand and gravel business. (PIA-Caraga)