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.
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.
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.
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.
- Financial Assistance Application Form
- Personal Data Sheet
- Customer Information Sheet.
- 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)
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)|