Senator Lito Lapid is pushing for a bill seeking to create credit assistance for overseas Filipino workers (OFWs).
Senate Bill No. 2390 or the proposed Act Establishing a Credit Assistance Program for Overseas Filipino Workers wants qualified OFW to loan up to P50,000 from the Overseas Worker and Welfare Administration.
“It is not enough that we acknowledge the contributions of OFWs to the country. Word without corresponding action is nothing. In recognizing their immense role in our economy, we must respond to their needs to repay their sacrifices,” Lapid said in his statement.
“It cannot be overly stressed how important the role OFWs play in the shaping of the country’s economy,” he added.
Lapid said that the credit assistance will help in the living expenses of their families during the first three months of their absence.
The bill states that the loan shall be paid in 12 equal monthly installments or more but not exceeding 24 months.
“For this reason, the least that we can do to repay them is to craft programs that would allow access to services more easily and without the rigorous processes which are laden with bureaucratic runarounds,” Lapid said.
