PhP 2-B OWWA Loan for Overseas Filipino Workers

Do you want to be an Overseas Filipino Workers FOREVER?

No. I don't.

Don't you want to come "HOME" to the Philippines and spend the rest of your life with your families and loved ones?

Yes I do. I definitely do.

As an OFW, these questions always come into my mind specially when I feel homesick. Question like, why am I here? When will I go "home"? - are left unanswered in my mind. Yes, I have a plan on how long should I stay here but I don't have a plan on what to do in the Philippines after leaving my work overseas.

That is why when I heard of the Php 2-B Reintegration Program of OWWA and I had my vacation last August, I scheduled to go to the nearest OWWA regional office and inquire about the program.

I went to OWWA regional office here in Laguna, located in Halang, Calamba.

I had an one-hour briefing in order to fully understand the program as well as the terms and conditions of the loan.

Here are the questions that I asked and their answers to my questions:

Q1. Who can avail of the OFW Reintegration Fund program?
A1. All current and former OFWs (and their immediate family members) who are OWWA members either by compulsory or voluntary. Compulsory members are those OFW who processed their contract at POEA either individually or through their respective agencies Voluntary members are those OFWs who registered on job site overseas.

Q2. How much can I borrow from OWWA?
A2. A member can borrow from Php 300,000 to Php 2 million depending on the nature of the business and his/her capability to pay. The Land Bank of the Philippines or Development Bank of the Philippines will evaluate the applications and they will decide how much a member (or his/her dependent) can borrow. the basis of approving the loan can be fully explained by LBP or DBP which will happen in the business orientation seminar.

Q3. How long can I pay my loan and how much is the interest rate?
A3. The loan may be paid for 5 years with a grace period of 2 years. The interest rate is 7.5% per annum.

Q4. Any other requirements to avail the loan program?
A4. The OFW or his/her dependent must present a proof of previous or current OWWA membership. You can bring POEA-LAC stamp passport, information sheet from OWWA, POEA-attested Employment Certificate (OEC) or E-Card. Upon verification of your membership, OWWA will then issue a certification of membership. The borrower must attend a business orientation seminar from any regional offices. This will be scheduled based on the number of possible applicants. In this seminar, the borrower will learn to formulate a feasibility study - an important part in putting up a business. The seminar will also be attended by representative of LBP or DBP to answer any questions regarding the terms and conditions of the loan and the criteria on approving the loan amount.   

Q5. Is the loan applicable to new businesses only?
A5. The loan can be given to new and existing business. If you already have a small business and wanted to expand it, you can still avail of the loan. As long as you meet the minimum requirement.

I would like to thank our President Benigno Simeon Aquino III for launching this program last June 2011. This program can really help us OFWs. It opens up another window where we can see another opportunity to give a better future for our families. By running our own business, we can control our financial destinies. Not like today, we are dependent on our employers. Our families will also not depend much on our remittances as a source of income. As we develop our business, we can be dependent and will no longer be working abroad.

                                        Steps in acquiring loan from OWWA. Video is courtesy of philstarcom.

When I have my next vacation, I will attend the seminar and will seriously consider putting up even a small business. As I understand going into business requires discipline, perseverance, diligence and the desire to learn the business.

                          An OFW who availed of the program sharing her experience. The video is courtesy of philstarcom. 
How about you? Do you have the guts to take this challenge for the benefit of your families? Think seriously about it! Remember, YOU have the POWER to CHOOSE!

If you have any questions or comments, please feel free to write in the comment box. For other details, click OWWA to go to their website.

  

Cogito ergo sum (I think, therefore I am)