The Land Bank of the Philippines (LBP) are set to offer beneficial programs for Overseas Filipino Workers (OFWs) this year. The new program hopes to awaken the entrepreneurial spirit of OFWs by providing loans or investment opportunities, which can help them start a small business. The business can be the source of livelihood for OFWs and their families.

Joselito Gutierrez, the Vice President of LBP for the Davao region said that the new program would be a major priority for them this 2007. He said, "We don't have any formal instruction on this by the national government but with the administration giving concerns to OFWs as it recognizes their efforts of pump priming the economy we might as well give them projects that they could benefit," he said.

The program will be an addition to the services that they currently offer for OFWs such as venue for remittance and pre-departure loans. The pre-departure loans to finance placement fee is a project of LBP together with the Overseas Workers and Welfare Administration (OWWA).

According to Guttierez, the programs of LBP target to reach far-flung areas and poor communities of the Philippines to serve those who are truly in need of assistance.

He further added that as of October 2006, they have given Php 1.41 billion worth of loans to fishermen and farmer-cooperatives. The figure is 128 percent higher in 2005 with only P1.20 billion.

For further inquiries regarding this matter, please contact the Land Bank branch nearest you.