Reintegration and Short-Term Loan Programs for OFWs
Apr 22, 2014
OWWA Loans for OFWs
The Overseas Workers Welfare Administration (OWWA) provides reintegration programs in cooperation with the Department of Labor and Employment’s National Reintegration Center for OFWs (NRCO) to help previous OFWs who want to start a new life in the country after having been working abroad yet did not have enough savings to start up.
1. The 2 Billion-Peso Reintegration Fund – In cooperation with the Land Bank of the Philippines and the Development Bank of the Philippines, OWWA offers this loan facility for the enterprise development of the overseas Filipino workers where a member or their legal dependent can avail of Php 300,000.00 to Php 2 million loan.
2. The OWWA-NLDC Livelihood Development Program – This loan facility offers Php 200,000.00 or Php 1 million pesos worth of loan for OFW group borrowers.
3. The Balik-Pinas, Balik Hanapbuhay – This program implemented by DOLE and OWWA is intended to assist the displaced or distressed workers. They can avail from the starter kits worth Php 7,500.00 or a livelihood assistance of Php 10,000.00.
4. Filipino Expatriate Livelihood Support Fund (FELSF) – This program is part of OWWA's Financial Assistance and Micro-Finance for Expatriates (FAM-FE) to support Overseas Filipino Workers from the effects of the global economic crisis. Through this loan, members would be given fund that could be used to put up a small business and the likes.
Aside from these, OFWs may also opt to avail reintegration loans offered by the following local bank institutions:
1. OFW REINTEGRATION PROGRAM by Land Bank of the Philippines in partnership with OWWA to provide enterprise opportunities for OFWs on a sustainable basis. Eligible borrowers are Filipinos working overseas as certified and endorsed by OWWA to LANDBANK. the eligible loan purposes under this program are:
- Working capital
- Fixed Asset Acquisition
2. Overseas Kababayan Services (OKS) by China Bank – Overseas Kababayan Services is China Bank's array of products and services for the remittance, savings, investment, and consumer loan needs of Overseas Filipino Workers and their beneficiaries.
China Bank offers OKS HomePlus home loan and OKS AutoPlus car loan, among other services. OKS HomePlus is for house and lot or lot only purchases, house construction, renovation or to refinance an existing loan with another bank. OKS AutoPlus loan, on the other hand, is for the purchase of brand new and pre-loved vehicles or to reimburse the cost of a brand new vehicle purchased within 30 days.
3. Asenso Kabayan Program by Banco De Oro (BDO) BDO's Asenso Kabayan Program provides options for Filipinos working outside the country with different loan options such as Kabayan Home Loan, Kabayan Auto Loan, Kabayan Personal Loan, and Kabayan Homes.
BDO also offers Asenso Kabayan Personal Loan Secured, a multipurpose and non-collateral personal loan for OFWs with fixed income and Personal Loan Unsecured.
For more details and inquiries about the loans stated, visit the following pages:
