GOOD NEWS: Qualified OFWs And Their Families Can Now Borrow Money Up TO P2-Million via OFW-EDLP Program
It is in the intentions of the OWWA or the Overseas Workers Welfare Administration to help OFWs to someday be able to reintegrate themselves into the mainstream business life of a Filipino. Together with the Department of Trade and Industry, they will help Filipinos in starting their own businesses.
The Memorandum of Understanding has formalized the partnership of OWWA and DTI to jointly conduct developmental trainings under OWWA’S Entrepreneurial Development Training (EEDT) and other related activities. All of this was according to a press release last Thursday, September 8, from the government agency.
The reformulated loan facility of OWWA now features the loanable amount of Php 100,000.00 to a maximum of Php 2,000,000.00 for single proprietorship and Php 5,000,000.00 to group loan borrowers. The loan still bears the same interest rate of only 7.5 percent per annum fixed for the duration of the loan.
“OFW-EDLP is part of OWWA’S commitment to continually develop and implement welfare programs that respond to the needs of OFWs and their families. With this partnership, and OFWs dream of owning his/her own enterprise is just a step away”, OWWA Administrator Calzado said during the joint signing of the MOU with DTI.
The EEDT includes business-planning, project-specific skills orientation, and necessary knowledge that the returning OFWs and their families should have before they start a business.