Home / Services / OFWs can now borrow money up to 2 Million Pesos through OFW-EDLP Program

 
Image from Trending News Portal

Image from Trending News Portal

It is in the aims of the Overseas Workers Welfare Administration (OWWA) to help OFWs to one day have the capacity to restore themselves into the standard business life of a Filipino.

Together with the Department of Trade and Industry, they will help Filipinos in making their own particular organizations.

The Memorandum of Agreement has formalized the association of OWWA and DTI to mutually lead formative trainings under OWWA’S Entrepreneurial Development Training (EEDT) and other related exercises. Every one of this was by official statement last Thursday, September 8, from the administration organization.

The reformulated advance office of OWWA now includes the loanable measure of Php 100,000.00 to a most extreme of Php 2,000,000.00 for single proprietorship and Php 5,000,000.00 to gathering advance borrowers.

The advance still bears the same financing cost of just 7.5 percent for every annum altered for the term of the credit.

“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 amid the joint signature of the MOU with DTI.

The EEDT incorporates business-arranging, venture particular abilities introduction, and vital learning that the returning OFWs and their families ought to have before they begin a business.

 

About the author: Baroy

 

Baroy loves to travel around the Philippines. He loves gizmos and toys. He is a social media marketing specialist and also a contributor for Cebu and Davao blog.

 

30 Comments

  1. esther sarino hinampas

    Paano magmkahiram hehehe totoo ba ito na aloud anf mga ofw mkahiram ng pera

  2. Pano ka totoo na pwede makahiram ng pera mga OFW

  3. Totoo ba kya n pwedi mg loan…

  4. Pano…..kng Sakaling pwedi..

  5. My kulateral ba!ung Lupa nmin Na Sangla…pano ba..

  6. Gosto ko ring Maka laon.para matubos ko Lupa nmin

  7. Hi, how to loan! Im here now in saudi im interesting to barrow the money.

  8. Mary Grace P. Fabro

    To whom it may concern: I am interested how can I avail this program, I am still working here in Kuwait , I want my mother to start business while I am still working here..as one of my beneficiary pwede ba na sya ang magfile ng loan at ako ang magiging guarantor nya…

  9. what are The requirements for OFW loan?

  10. reah dealagdon

    what is the requirements for applying a loan?

  11. Im ofw now working in singapor3.how to avail this loan program.im very much interested bcoz i want to put up my own busines in phil.pls let me know.thanks

  12. virgie libradilla

    Paano makaavail sa loan nayan gusto ko makaloan para ipuhunan sa salon pag uwi ko ng pinas sa cebu

  13. Josephine Chua

    i need an info and details about this loan.
    thank u.

  14. Rosemarie Belandres

    How to a avail the loan po? What are the requirements?

  15. Paano po makautang? Gusto ko na pong umuwi para po mag business nalang Mawawalan na po kasi ako ng Working permit this nov. 8
    Para rin po makakasama ko na abg aking mga anak .

  16. ganun parin sala sa mantika 7.5% per annum tsk

  17. KALOKOHAN NA NMN BA ITO? TOTOHANIN NYU BAKA NMAN TULAD PA RIN DATI PURO SEMINAR AT MAG BUSINESS KA MUNA BAGO MAKAUTANG…MAG BABAYAD KA MUNA BAGO MAKAUTANG…KALOKOHAN NG OWWA DATI PA…SANA BAGO NGA….KAYA NGA NANGUNGUTANG KASI GAGAMITIN PANG NEGOSYO.

  18. paano po mag avail?

  19. Jessica Julom

    I’m currently ofw in uae and want to avail this program for additional income for my business .
    Kindly let me.know the procedure. .

    Note: I’m active member of.OWWA for 10 years ofw

  20. Lanie B.Aniag

    Hello po,totoo b ito pwdeng magloan?im here in hk.thanks

  21. Arthur P. Ico

    Hi im working in uae since 2004 until now.im interested to take ofw loan,how can I take what is your requirement needed.

  22. german cabellon

    pano po maka loan? nandito po ako sa saudi ngayon, 15 yrs. napo ako dito at gusto ko napo mag bisnis nalang po pg uwi ko ng pinas. tnx na marami…

  23. allan john o.caligdong

    Paano maka-avail ng loan na ito.tunay ba ito.kaming mga Seaman kailangan din namin ito kung ito ay totoo.

  24. WHAT ARE THE REQUIREMENTS TO AVAIL TE LOAN? ILANG YEARS NA AKO DTO SAUDI GUSTO KO NA UMUWI PARA BUSINESS NLNG .

  25. Hi guys! Please refer to this link for your inquiries about this loan: http://www.owwabenefits.com/owwa-business-loan/

    or read the details below:

    Requirements for OWWA Business Loan are the primary guide to avail this financial program

    A. Overseas Filipino Worker’s basic requirements

    OWWA Information Sheet
    Entrepreneurial Development Training Certificate
    Business Plan (should show clear description of business project that is viable to earn at least P10,000 a month)
    B. Listed below are the following OWWA Business Loan requirements and guidelines:

    1. Eligible borrowers are OWWA members
    2. Loanable amount is from minimum of P300,000 to maximum of P2M, depending on project requirements
    3. Loan fund must be used solely for BUSINESS – as working capital or for acquiring fixed asset relative to the business being planned
    4. There is equity. Business project is cost-sharing with OFW-borrower shouldering 20 percent of the total project cost and the funder taking charge of 80 percent of the TPC.
    5. Interest rate is 7.5 percent per annum fixed for the duration of the loan
    6. Short-term loan is payable within one year (maximum) while term loan is payable based on cash flow but not to exceed seven years
    7. Loan security or collateral maybe required. It can be Purchase Orders of confirmed clients, machines, equipment, or any assets that can be mortgaged
    such as land titles, etc.

    On the other hand, for OFWs who already have their businesses and want to expand them, they need to submit the following pertinent documents:

    Mayor’s Permit
    Certificate of Registration from DTI
    Certificate of Income Tax Return for the last 3 years
    Financial Statements filed in the Bureau of Internal Revenue (BIR) for the last years
    Updated temporary financial statement
    Business’s Statement of Assets and Liabilities

  26. Fevelyn Aguinaldo Romingquet

    I wanna to start business ..iam an ofw for ten years but unfurtunately I cnt save money for my business that I dream off..I’m a single mom with three daughters. .and I want to be with them. .but I am thinking about their future..that’s why I’m trying my best to file a loan to start a business. .I’m really appreciate. .I’m you cn able to get me through of it..

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