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MANILA, Philippines—Laid off overseas Filipino workers can avail of up to P50,000 loan from the Overseas Workers Welfare Administration to start or expand a livelihood project, the Department of Labor and Employment said Monday.
OWWA Administrator Carmelita Dimzon said the loan, which is part of Malacañang’s Comprehensive Livelihood and Emergency Employment Program, is available at five-percent interest per annum, no collateral, and payable over 24 months after an interest-free grace period of 90 days.
The OWWA board of trustees has allocated P100 million for the Filipino Expatriate Livelihood Support Fund (FELSF), an economic safety net for displaced OFWs.
The latest weekly monitoring of the labor department showed some 5,000 OFWs have returned to the country as a direct result of the global financial crunch.
The labor department defines an OFW displaced due to the global financial crisis as one terminated on or after October 15, 2008 due to closures or downsizing of their companies as a result of the crisis.
Dimzon said applications may be filed with the family welfare officer at any regional welfare office of OWWA. She said applicant-OFWs are required to attend business management courses.
"Attendance in the free business courses is a pre-qualifying phase," she said, adding that these skills are important in transforming the OFW into an entrepreneur with a sustainable, income-producing project for the long-term.
Loan requirements include proof of OWWA membership, proof of displacement due to the global financial crisis, business proposal, and promissory note, and marital consent for married borrowers.
