How OFWs can loan up to P2 million from OWWA to start business

Overseas Workers Welfare Administration (OWWA) has laid out programs to assist OFWs who are planning to venture into new phases of their lives.

In a response to a query posted on Bandera, OWWA Deputy Administrator Joselito Torres said active or former OFWs who are planning to start businesses could receive assistance from the agency’s reintegration loan program.

“Kabilang sa makikinabang sa naturang programa ang mga aktibong miyembro ng OWWA at mga dating miyembro na nagpasya nang bumalik sa Pilipinas mula sa pagtatrabaho sa ibang bansa,” Torres said.

Under the program, active OWWA members or former OFWs can loan from P300,000 (Dh21,571) to as much as P2,000,000 (Dh143,931) to serve as capital for their businesses.

OWWA has allotted for P2 billion (Dh144 million) for the loan program—P1 billion (Dh72 million) from the OWWA trust fund and P500 million (Dh36 million) apiece from Land Bank of the Philippines and Development Bank of the Philippines.

Torres said OWWA has also partnered with the Department of Trade and Industry, the Department of Agriculture, and Bangko Sentral ng Pilipinas.

“Gagabayan ng mga ahensiya ng pamahalaan ang mga kuwalipikadong OFWs sa pagtatayo ng kanilang negosyo upang matiyak na magiging matagumpay sila sa larangang pumasok.”

Here’s what you need to know about the OFW reintegration program:

Processing requirements

• OWWA certification that borrower is a bonafide overseas worker, has completed Enterprise Development Training
• A business plan on the specific project that will generate income for OFW and his/her family
• With contract growing agreement, purchase order or service contract, if applicable
• Certificate of Registration with DTI
• Biodata of applicant
• Mayor’s permit
• Income Tax Return (last 3 years), if applicable
• Financial Statements (last 3 years, BIR-filed), if applicable
• Latest Interim Financial Statement, if applicable
• Statement of Assets and Liabilities

How to avail of a loan?

1. Visit the nearest OWWA office and undergo orientation/necessary training.
2. Secure the required OWWA Certification for submission to partner bank.  
3. Visit the bank’s lending center for more information and evaluation of project proposal.

(Source: landbank.com)