OWWA-10 releases P700-T to displaced OFWs in Iligan City
by Lorry V. Gabule
Iligan City (17 June) -- Together with a Certificate, fourteen (14) Overseas Filipino Workers (OFWs) were awarded Livelihood Assistance on the celebration of the 111th Philippine Independence Day in city.
"We turned over the checks, each amounting PhP 50,000 at the Office of the Department of Labor and Employment (DOLE)—Iligan City / Lanao del Norte District Office," said Roseller D. Bartolome, Overseas Worker Welfare Officer and concurrent Program Services Division head of the Overseas Workers Welfare Administration (OWWA) Region 10 based in Cagayan de Oro City.
The OFWs who were displaced / affected by and laid off due to the global financial crisis availed the Filipino Expatriate Livelihood Support Fund (FELSF), a program which is an integral component of the comprehensive OFW reintegration program under President Gloria Macapagal- Arroyo's Comprehensive Livelihood and Emergency Employment Program (CLEEP).
Bartolome further said the FELSF is a non-collateralized loan window which serves as an economic safety net for OFWs retrenched as a result of company shut down, downsizing, and streamlining due to economic recession.
Many had responded to OWWA's call especially those terminated on or after October 15, 2008, Bartolome revealed. Of these 14 recipients, 11 come from Iligan City, one from Tangub City of Misamis Occidental, and two (2) from Tubod and Lala, province of Lanao del Norte.
In a day or two, a beneficiary's application for this program can be approved as long as the following pertinent loan documentary requirements be complied and submitted such as Proof of OWWA contribution- passport, overseas employment certificate, employment contract, Proof of displacement- POLO certification, letter of termination / company certification, Business proposal, Financial statement for existing business, Promissory note, Marital consent / authorization, Proof of relationship- birth, marriage certificates, Application form with 2x2 picture, and Barangay permit.
"We have extended a maximum loan amount of PhP 50,000 for FELSF loan, with an interest rate of 5% only per annum, payable within 24 months, having three (3) months grace period," explained Bartolome.
"For Iligan City, we financed eligible projects like swine fattening, fish vending, piggery, sari-sari store, seafood distributor, bakery, food processed products, dressed chicken distributor and, fitness and amusement center," said the program services head.
The monthly amortization could be remitted / paid directly to Land Bank of the Philippines (LBP)-designated bank, or through postal money order.
"Since February 2009, there were already 82 beneficiaries, with a total amount granted of PhP4,100,000.00 for region 10," Bartolome concluded. (PIA Lanao del Norte) [top]