Kung magiging isang batas, pwede makapagloan ang mga OFW at kanilang pamilya ng hanggang P50,000. Read on #TheFilipinoTimes
An OFW bill is being pused in the Senate to allow newly-hired overseas Filipino workers to borrow up to P50,000 from Overseas Workers Welfare Administration (OWWA) payable in 12 months.
Senate Bill No. 801 filed by Sen. Bong Revilla aims to provide credit assistance program to help newly-hired Overseas Filipino Workers (OFWs) financially provide for their families during the first three months of their employment.
Under this bill, prospective OFWs having a valid contract certified by the Philippine Overseas Employment Agency (POEA) may avail a cash loan payable in 12 months or more but not exceeding 24 months at a preferred interest rate of 6 percent per annum.
Data from the Philippine Statistics Authority (PSA) revealed that there are 2.3 million overseas Filipinos who sent a total of P235.9 billion in remittances during the period April to September 2018.
These remittances were divided into three types: cash sent home (P 169.4 billion), cash brought home (P 55.2 billion), and remittance in kind (P 11.2 billion).
