The Philippine government continues in encouraging overseas Filipinos to avail the OWWA Loans for OFW. These loan programs serve as a way of repaying the sacrifices of millions of Overseas Filipino Workers (OFWs) who decided to work and live away from their respective loved ones in the country in order for them to give the latter a comfy living.
OWWA Loans for OFW – Photo credits to the rightful owner
One primary reason why OFWs chose to work abroad is to be able to send their children (and their other beneficiaries and/or dependents) to school since they believe that education is the only key to rise up in the social ladder.
However, not only do OFWs help their individual families but also the overall economy. This is through their remittances being sent in the country every month. Some economists even said that OFWs are really the savior of Philippine economy. As such, it is not surprising that OFWs have been referred to as the new heroes of the country.
In response, the government has established the Overseas Workers Welfare Administration (OWWA) to look after the welfare of OFWs as they work abroad. At present, the agency offers a variety of benefits programs for the OFWs including the OWWA loans for OFW.
In recent years, more and more overseas workers have been applying for different OWWA loans for OFW. Many of them want to borrow capital from OWWA in order for them to establish their own businesses in the country. Having their own business enterprise will give them an opportunity to earn income while staying with their respective families.
This also lessens the probability that they will return abroad. Hence, the agency has decided to loosen the requirements needed in its loan programs. Through this less-demanding scheme, more OFWs would be catered and will be able to get OWWA loans for OFW.
Overseas Filipino – OFW Guide
On the other hand, OFWs should have an adequate knowledge about the requirements needed in availing different OWWA loans for OFW. These requirements are set by the agency in order to determine whether the OFWs are serious in applying in these loan programs. As such, OFWs should prepare these requirements and attach them to their applications forms before they submit to the agency’s main office located in Pasay City.
OFWs may also submit their applications to any of the regional welfare offices as well as to OWWA satellite branches. Some affiliated banks also accept applications for OWWA loans for OFW.