OWWA Business Loan – Many Overseas Filipino Workers (OFWs) choose to continue their respective jobs in different countries worldwide. Working abroad really ensures them of bigger monthly income as compared to what they had been receiving in the Philippines. As such, they endure another three or even more years of living away from their families and friends who have been with them for many years.
While they strive to meet the needs of their loved ones, they do not forget to save up money in hope that someday, they will return in the country and will no longer need to seek employment opportunities abroad.
Well, this is not the case anymore as OFWs can now ask for financial assistance from the Overseas Workers Welfare Administration (OWWA). Being the primary institution for millions of overseas Filipinos, OWWA is tasked by the government, through the Department of Labor and Employment (DOLE), its mother agency, to watch over them wherever they are working at.
This is in recognition for their instrumental role in keeping the economy on track amidst global economic instabilities. Because of this, OWWA gives out various benefits programs that are not only helpful for the OFWs themselves but to their dependent families as well.
OWWA Business Loan – Reintegration Loan Assistance Program
Among these programs is the OWWA Business Loan which is under the agency’s Reintegration Loan Assistance Program. This program was introduced to the public during the 1stNational Conference of OFWs and Families held four years ago at the SMX Convention Center in the City of Pasay (adjacent to SM Mall of Asia).
Through the support of the National Reintegration Center for OFWs (NRCO); Development Bank of the Philippines (DBP); and the Land Bank of the Philippines (LBP), OWWA offers loan up to PHP 2 Million for OFWs who wish to build or extend their own businesses in the country.
On the other hand, interested OFWs who are really willing to apply in this program must comply with the standard loan requirements set by OWWA. This is necessary in order to guarantee that they have a serious intent of utilizing the borrowed money properly.
OFWs – Overseas Filipino Workers – Plans to own local enterprise
For OFWs who wish to have their own local enterprise, they must make a feasibility study of their planned business and submit it to any branch of OWWA partner banks such as DBP and LBP. They should also obtain their Mayor’s Permit as well as Certificate of Registration from the Department of Trade and Industry (DTI).