The Overseas Workers Welfare Administration (OWWA) continues to provide loan for OFW. This is to help out millions of Overseas Filipino Workers (OFWs) across the world, especially those who desperately need additional money to meet the needs of their respective loved ones residing in the Philippines.
Moreover, these OWWA loan programs are also intended to give a starting capital for OFWs who want to start up or upgrade their own business enterprises in the country. Through these loan programs, many OFWs will be assisted in their finances so long as they have met the qualifications and requirements set by OWWA.
Created in the 1980s by the national government, OWWA has the primary function of promoting both the welfare and interests of all OFWs. This is a way of paying forward their sacrifices in working abroad even though it means living away from their children and families. Furthermore, they work as hard as possible in order to give a comfortable living to their loved ones.
Single OFWs even send their young relatives to college since they believe that education is the key in uplifting their present socioeconomic status in the society. This is why OWWA also provides educational loan for OFW.
OWWA personnel Sets Some Requirements
However, there are some requirements set by OWWA personnel before they give out loan for OFW. OFWs should have knowledge about these requirements before they go to the OWWA headquarters in Pasay City or to any of the regional and satellite offices in the country.
They should also prepare these requirements along with their application forms prior to their visit can also save their time. Instead of inquiring about these loan programs, informed OFWs can directly file their loan requests to OWWA officer-in-charge for processing. Qualified dependents and beneficiaries of overseas Filipinos may also benefit from OWWA’s loan for OFW.
Moreover, OFWs and their respective dependents and beneficiaries may also visit www.owwa.gov.ph in order to obtain further information about OWWA’s loan for OFW. Their website contains a list of loan requirements (e.g. business plan, feasibility study, previous statement of accounts, etc.) that OFWs need to comply with in order to get financial assistance from the agency.
OWWA Loan Programs Sponsored By Private Institutions
In addition, since some of the OWWA loan programs are sponsored by private institutions, the loan requirements for individual and group borrowers vary. As such, OFWs really need to check out OWWA’s website before they submit their applications for the agency’s loan for OFW.