There is good news to all displaced OFWs because OWWA (Overseas Workers Welfare Administration) is willing to lend up to fifty thousand pesos with an amazing low interest of 5% per annum. I wish I could also avail of this but since I’m not an OFW, then it is impossible. Also, there are other requirements and qualifications before you can avail of it. First is they will give you the loan if you were booted out after October 15, 2008 due to factory closures or company downsizing because maybe it was considered as the start of the global financial crisis. I don’t know if that is the real start of the crisis because as for me, it started in the first quarter of 2008. Also, the other requirement is the borrower must attend free business courses in order for the displaced worker to manage their livelihood projects.
Carmelita Dimson, the OWWA chief had a nice statement regarding this:
“These skills are important to an OFW with the ambition of transforming into an entrepreneur with a sustainable, income-producing project for the long term,”
This is a very noble objective because if you will just give money without training, it might not be put to good use. You know the saying “teach a man to fish and he will not go hungry again?” By the way, the name of this project is Filipino Expatriate Livelihood Support Fund (FELSF). So how will you avail it? of course you need proofs or documents to submit and these are : OWWA membership; proof of displacement due to the global financial crisis; business proposal and a promissory note; and marital consent for married borrowers.
And proof of displacement will be based on the following:
- Your name should appear in list of displaced OFW given by POLOS (Philippine Overseas Labor Offices) to Department of Labor and Employment agencies.
- The information should be directly validated by POLOS.
- There is an interview and validation to prove that the cause of his or her displacement is due to the global financial crisis.
To know more about the details, go here.
Posted by Manuel
Manuel Montala was an online entrepreneur who enjoys blogging about entrepreneurship and gathering information for his blog to help budding entrepreneurs. You can also reach him on twitter: http://twitter.com/mmontala
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{ 6 comments… read them below or add one }
ask ko lang po if entilled po sa loan ang kagaya kong dumating galing sa lebanon noong oct.28.kasi sadi yong mga ofw lang na natanggalan due to global economic crisis.paano naman po ang galing sa lebanon na di na pwede bumalik dahil sa magulo doon?di po ba pwede kami sa pagloan 50k,gusto ko rin naman sumali sa ganyang programa para naman po makapag-umpisa ako ng maliit na negosyo.salamat po
@alexandra godalla
Ask mo nalang OWWA.
question lang po. ang asawa ko ay napasali sa displacement sa work nya and soon to come home by next month. kasali po ba kami sa program na ito? paano po ang paraan
Pno ung pgloan kahit and2 kpa lang s abroad pwede k bng mgloan thanks
may chance po ba ako sa OWWA na maka avail ng loan??? dhil bblik po ko sa work ko abroad this coming august… but i need financial assistant from your office…do i have a chance po ba???and how much the interest if ever i avail your loan??
may chance po ba ako sa OWWA na maka avail ng loan??? dhil bblik po ko sa work ko abroad this coming august… but i need financial assistant from your office…do i have a chance po ba???and how much the interest if ever i avail your loan?? that’s why i’m asking because i need it for my hospitalization for my delivery of my baby this coming april…please anwer me thru email thank you very much
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