Poverty is one of the many reasons why many Filipinos choose to work abroad. But before you land a job in a foreign country, money is very much needed in your application as well as in the processing of many documents needed such as passport, medical certificate and other requirements.
Aside from this, some jobs abroad require a placement fee. The result, many first time OFWs incurred huge debt from loan sharks or other lending institutions with high interest before they can start a job abroad. This is much harder for people who don't have properties to declare as collateral in those loans.
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This entire process or situation can be lessened if Overseas Filipino Workers (OFW) Bill will pass into law. As of now, Senate Bill No. 801 is filed in the Senate by Senator Bong Revilla. Under the measure, newly-hired OFWs will be able to borrow up to P50,000 from the Overseas Workers Welfare Administration (OWWA) payable in 12 months.
The bill 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.
Read: OFW Killed By Her Husband Over A Heated Argument About Debt
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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.
The senator believes that this program is a big help for living expenses of OFWs and their families during the first few months of their employment as well as other expenses incurred during pre-employment.
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