(Steps for former OFWs in securing a loan from the government)
To uplift the life of the Overseas Filipino Workers (OFW), the Department of Labor and Employment (DOLE), together with the Overseas Welfare Workers Administration (OWWA) is currently negotiating with the Landbank of the Philippines to make loan application and approval easier for our "Modern Day Heroes."
Currently, the Landbank grants loan assistance from P50,000 to P300,000 providing that the OFW can provide legitimate collateral such as land titles and other valued assets.
The loan has an interest rate of 8 percent.
Many OFWs are discouraged to apply for the loan because they cannot present any valuable collateral to the bank.
With this, the DOLE and OWWA are negotiating with the Landbank to clear out various terms and requirements in granting loan assistance for the distressed OFWs.
Particularly, the government agencies want the Land Bank to reduce the interest rate for the OFW loan from 8 percent to 6 percent.
DOLE and OWWA also want to abolish the collateral requirement because the labor department will be the guarantor of the OFWs.
Read More: OWWA and Landbank Loan for OFW: Requirements and How to Apply
(Former OFW Avails P300K loan from government)
“We are reviewing the rules for the loan. For those who are interested in applying, there will be no collateral because we will be your guarantor. Take good care of your money and attend our livelihood training so that you won’t find the need to leave the country again,” Bello added.
According to OWWA Administrator Hans Leo Cacdac that first-degree relatives, such as wives and children of the deceased OFWs and Filipino workers who are still in abroad can process the claims and loans, provided that they have the proper documentations.
(Overview of the OWWA and Landbank Loan Program for OFWs)
“We are finalizing the rules for the loan with the officers of Landbank. We hope to sign a memorandum of understanding with them in June,” Cacdac explained.
The DOLE also has created a created a technical working group to deeply review the rules and guidelines for OFWs in applying for loans.
(BME - mga OFWs negosyante na dahil sa OWWA Re-integration Program)
According to OWWA Administrator Hans Leo Cacdac that first-degree relatives, such as wives and children of the deceased OFWs and Filipino workers who are still in abroad can process the claims and loans, provided that they have the proper documentations.
(Overview of the OWWA and Landbank Loan Program for OFWs)
“We are finalizing the rules for the loan with the officers of Landbank. We hope to sign a memorandum of understanding with them in June,” Cacdac explained.
The DOLE also has created a created a technical working group to deeply review the rules and guidelines for OFWs in applying for loans.
(BME - mga OFWs negosyante na dahil sa OWWA Re-integration Program)
Meanwhile, the Department of Labor and Employment (DOLE) has also vowed to assist returning OFWs in claiming unpaid financial and security benefits from their employers.
Bello asked the repatriated OFWs to provide them with their proper documents so that labor department can assist them in claiming their unpaid wages and benefits in his meeting with the repatriated workers from Mohammad Al-Mojil Group of companies in Saudi Arabia.
Livelihood assistance given to displaced OFWs has been raised from P10,000 to 20,000 in cash.
This article is filed under: Small Personal Loans Low Interest Rate, Mortgage Lenders, Home Mortgage Loans, Homeloans, Home Equity Loan
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