What is OFW Reintegration Program a.k.a OWWA Reintegration Loan for OFWs?

What is OFW Reintegration Program a.k.a OWWA Reintegration Loan for OFWs?

The Overseas Workers Welfare Association (OWWA) has a long standing commitment to assisting Overseas Filipino Workers (OFWs) and their families. The office’s assistance extends also to returning OFWs who chose to stay for good in the Philippines.

What is OFW Reintegration Program?

In cooperation with Land Bank of the Philippines and Development Bank of the Philippines, OWWA has started the Reintegration Program for OFWs which is also known as OWWA Loan or OFW Loan in the Philippines.

Following are some important reminders about OFW Reintegration Program;

    1. 1. Only active and certified OFW members of OWWA are qualified to apply for the OFW Reintegration Program.
    1. 2. Eligible borrower can be an individual who is planning on a single proprietorship business or a group that means partnership, cooperative or corporation.
    1. 3. Business proposal must be something that has a monthly net income of Php 10,000.00.  The borrower should chose a business he or she is familiar with and is easy to understand and manage in order to profit more.
    1. 4. Possible amount of loan can be from Php 100,000.00 to Php 2,000,000.00.
    1. 5. Terms of payments are of two (2) kinds;
      1. a) Short Term Loan – payable within one (1)
      2. b) Long Term Loan – payable in seven (7) years ant it will depend on the cash flow.
    1. 6. Loan Security is required from the borrower. This could be real estate mortgage, chattel mortgage (machines or equipment), receivables and even bank deposits.

How to Apply for OFW Loan

    1. 1. Secure OWWA Certification as proof that you are a true member of OWWA.
    2. 2. Visit the nearest OWWA Office to be given instructions about the Enterprise Development Training (EDT) that will help you secure the necessary Certificate of Completion.
    3. 3. Submit Bio data of applicant together with business-related documents like Business Plan, DTI Registration, Mayor’s Permit and if possible, all Financial Statements including Assets and Liabilities.
    4. 4. Secure the EDT Certification and submit all other requirements to Land Bank for evaluation and processing.
    5. 5. It is most important that you submit complete requirements to avoid delay and wait for 45 days for evaluation and processing.

Source: Balikbayad


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