Why You Need to Comply with OWWA Philippines Loan Requirements


OWWA Philippines Loan Requirements - OFWs need to comply these guidelines.


At present, a lot of Overseas Filipino Workers (OFWs) are scattered in different parts of the world. They are often referred to as modern-day heroes precisely because of the sacrifices they had taken just to provide a more comfortable life for their children and families in the Philippines. 

Aside from meeting the needs of their loved ones, however, OFWs also contribute to the country’s economy through the remittances they send every month. Because of the crucial they play, the Overseas Workers Welfare Administration (OWWA) was created by the government to look after the OFWs as they work outside the country.


As part of its mission, OWWA continues to promote the well-being of OFWs wherever they might be in. This is why the agency has various benefits program to cater the needs of OFWs while they work as hard as possible for the future of their respective families. Some of these programs may also be availed by their authorized dependents and/or beneficiaries. 

Likewise, OWWA has also different loan programs that are open for those OFWs who do not have enough savings while they were still working abroad. Through these loan programs, qualified OFW applicants can set up their own local businesses.

One of the OWWA loan programs that OFWs can apply for is the OWWA-NLSF Livelihood and Development Program. This is a joint project of the agency and the National Livelihood Support Fund of the Department of Labor and Employment (DOLE). 

Under this loan program, OFWs may borrow a maximum initial capital amounting to PHP 200,000.00 (for OFW individuals) and PHP 100,000.00 (for OFW group borrowers) provided, however, that the borrowed money will be utilized either in purchasing raw materials, machines, or equipment or in building business establishments. In addition, the loan amount is subject to a small annual interest rate.

Overseas Filipino Workers - Helpful Guide Information

 

On the other hand, interested OFW borrowers (both individuals and groups) must comply with the OWWA loan requirements in order for their loan requests to be processed as soon as possible. Among these loan requirements are the following: any proof of OWWA membership contribution (e.g. Philippine Overseas Employment Administration (POEA)-marked employment certificate); business plan; feasibility study (for group borrowers); recent financial statement (in case of already existing businesses); and collateral or ownership papers (such as land titles). For specific and other requirements, OFWs are requested to visit any OWWA regional and satellite office located in different provinces across the country.