Gov’t launches P2 billion loan program for OFWs

The government has set aside a total of P2 billion for a program aimed at helping returning overseas Filipino workers (OFW) set up their own businesses in the country.

The 2 Billion Pesos Reintegration Program, launched on Tuesday at the first National Congress of OFWs and Families, is a joint venture of the Department of Labor and Employment (DOLE), Overseas Workers Welfare Administration (OWWA), Land Bank of the Philippines (LBP) and the Development Bank of the Philippines.

“The program offers different enterprises flexible and easy loan term payments for its OFW availees,” OWWA said in a statement.

The state agency added that the loan program is in support of the president’s desire to give sustainable business to the OFWs and their families.

Read more at Philippine Star

 

Con Yap

  • jho palmones

    i hope that this P2 Billion pesos would go to needy ofw .. good oppurtunity for them .. for   loan for ofw .. visit my site..

  • UP nn grad

    The typical micro-finance loans are given to small business that already 3 or more years experience. In addition, these Pinoys or Pinays are provided with education on how to manage their expenses — the biggest incentive being that tjeu cam borrow again for the next season if they repay their short-term loans.

    Loan-repayment period would be 5 months to 10 months, typically. Loan amount would be P25,000 to P60,000 (farmer buying fertilizer or seed for a growing season or sariari-store owner buying more inventory). So one billion pesos lent by Pilipinas administration to micro-finance institutes will result in 20,000 Pinoys-and-Pinas small companies being helped every 6 to 7 months. Ikot ng ikot the One Billion and each ikot is 20,000 Pinoy-pinay small companies. P2billion —> 40,000 Pinoy-Pinay small companies.

    Too bad Cory is not here…. she may be able to make paki-usap to Perss-idente Noynoy for gobyerno-Aquino to provide funding loan to micro-financing.

  • UP nn grad

    Without a doubt, Noynoy-administration setting aside P2Billion as loans so OFW’s can create their own business — YEHBBBAAAHH Hip-hip-hooray for Noynoy!!!

    Why not also set aside P2Billion to loan to RuralBanks and micro-finance institutions. If Noynoy lends P2Billion at 5%l-interest to rural-bank/micro-finance, —Noynoy bank account— Pilipinas treasury gets P100Million interest a year. BUT the P2Billion can be loaned to the farmers (for fertilizer, seeds) or to internet-store-owners (to buy computers), sari-sari store (for more inventory). The micro-finance institutions already know which Pinoy-or-Pinay small-business owner are better-trained. Win-win — the micro-finance institutions can lend to more Pinoys-and-Pinays; Pilipinas treasury gets interest (and original loan back). Win-win!! Too bad Cory is not here because I believe that she believes in micro-financing as an engine to help the rural communities of Pilipinas. Too bad Cory is not here, she may be able to make pakiusap to Perssss-idente Noynoy.