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Friday, February 24, 2017

OWWA and Landbank Offers Loan for OFWs from P200K to P2M

Here's another opportunity for OFWs who wants to pursue business in the Philippines.  The Overseas Workers Welfare Administration (OWWA) and Land Bank of the Philippines (LBP) have relaunched its reintegrated program for OFWs with a guaranteed fund of P1 billion pesos.  Philippine Labour Attache for Dubai and the Northern Emirates Ofelia Domingo confirmed that the integration program was relaunched last week.  Dominggo said an interested party must be an active OWWA member whose membership dues are updated.  Former OFWs are now being considered, who have been in the Philippines for three years since re-settlement.
Here's another opportunity for OFWs who wants to pursue business in the Philippines.

The Overseas Workers Welfare Administration (OWWA) and Land Bank of the Philippines (LBP) have relaunched its reintegrated program for OFWs with a guaranteed fund of P1 
billion pesos.



Philippine Labour Attache for Dubai and the Northern Emirates Ofelia Domingo confirmed that the integration program was relaunched last week.

Dominggo said an interested party must be an active OWWA member whose membership dues are updated.

Former OFWs are now being considered, who have been in the Philippines for three years since re-settlement.



The loanable amount for either sole proprietorship, partnership or corporation has been lowered down to P100,000 to P2,000,000 from P300,000 to P2,000,000.

Still, the loan is payable in seven years with a grace period of two years. The interest rate is 7.5 percent for a maximum of seven years.


Interested parties are advised to open an LBP auto debit savings account.

Within two months, the loan may be approved upon the submission of requirements particularly a feasibility study and collaterals.

With this, Dominggo is calling OFWs to take advantage of the many opportunities they get while working abroad and invest it in a "well planned additional sources of income."

The integration program was originally introduced to OFWs in 2010.


Interested?

Here's a process. It is quite a long one but worth it when your loan is approved and you can start your own business.

1. Get a certification in OWWA Office in your are saying that you are bona fide overseas Filipino worker. OWWA will require you to attend its Enterprise Development Training. This seminar will teach the basics of business and write a business plan.



2. With your OWWA certification, go to the nearest Land Bank for more information and evaluation of your project proposal. 
You will need to fill out the following Land Bank documents:
  • Financial Assistance Application Form
  • Personal Data Sheet
  • Customer Information Sheet.

3. You will need to submit your Statement of Assets and Liabilities. This is a document which states what your properties are (i.e., land, cars, bank accounts, etc.) and debts. You will also need to submit an Authorization to Verify Deposits and Borrowings so Land Bank can check your bank deposits and borrowings with other financial institutions to see if you’re credit-worthy.

Other documents you need to submit:

  • 2 x 2 pictures of applicants
  • Marriage certificate
  • Mayor’s permit
  • DTI Registration
  • Business Profile
  • Confirmed market or purchase order that will generate a monthly net income of P10,000.00
  • Project feasibility study (business plan)
  • Picture of project site
  • List of suppliers (with address and telephone numbers)
  • List of business competitors (with addresses)
  • Lease contract
  • Proof of billing address (water bill, electric)
If applicable: income tax return, audited financial statements for the last three years (for corporations and partnerships), latest interim financial statements, environmental compliance certificate

For loans with a fixed asset acquisition purpose: xerox copy of land title offered as collateral, tax declaration (lot & improvements), official receipts & certificate of realty tax payment, lot plan and vicinity map, three quotations for the proposed to be acquired vehicle, three quotations for the proposed to be acquired machinery




SUCCESS STORY OF OFWs THROUGH INTEGRATION PROGRAM

1. Gilbert Barrera, a former OFW in Brunei Darussalam who, after having failed in a few and varied start-ups, went into the tailoring business by using a “donated sewing machine.” 

He secured the LBP loan package and attended the required Entrepreneurial Development Training at the CALABARZON OWWA-Regional Office in 2012.


(Former OFW Gilbert Barrera with his business) CTO OWWA

(Sample products of Given Grace Fashion managed by former OFW Gilbert Barrera) CTO OWWA

Barrera has become the employer of 60 sewers and tailors earning as much as P3,000 per week.

Today, he already cleared his bank loan. He also owns three real estate properties, a van and provides a scholarship to five students.


2. Manolito Briones - A 25 years seafarer-turned-hotel waiter in the US. In 2010 he was diagnosed with health problems.

Based on OWWA Files, Manolito had savings from his OFW life. He and his wife carefully scrutinized another OFW reintegration program from the OWWA, in tandem with the LBP and the Development Bank of the Philippines.

In 2012, LBP gave him a loan of P320,000.

Now, he and his family own a fresh flower shop in Manila.

(Lara’s Flower Shop owned by OFW Manolito Briones. The shop is located in the infamous Dangwa, Sampaloc Manila.)


(One of the flower arrangers)
(The workers of Mr. Briones inside their cozy flower shop stall)


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