Twelve returning Overseas Filipino Workers are set to start their own businesses following the approval of their loans by the Land Bank of the Philippines (LANDBANK) under the Overseas Workers Welfare Administration’s OFW Reintegration Program (OFW-RP).
During the recent launch of the OFW-RP, P8.3 million in loans were approved for returning OFWs, now would-be entrepreneurs, from Bulacan, Pampanga, Zambales, Batangas, Iloilo, Bacolod, Cebu, Bukidnon, Davao, and Pasay as part of LANDBANK’s
P1-billion commitment to the P2-billion reintegration loan program jointly implemented by OWWA, LANDBANK and DBP.
The OFW-RP aims to provide economic opportunities for returning OFWs affected by political crises in the Middle East and other countries seriously stricken by natural calamities.
Among the initial loans that LANDBANK approved are a P2 million working capital requirement for an existing music school and another P2 million for a proposed business in agri-vet supplies trading.
Other approved oans include a P1-million business in Nuat Thai Foot and Body Massage; a P500,000 dental laboratory; P400,000 each for businesses in LPG Gas Trading and a fitness center; P300,000 each for palay trading, and an internet cafe
business; and a total of P1.4 million for four hog fattening projects.
“We at LANDBANK are glad to help our OFWs start their own businesses and engage in market-led economic activities. We offer a range of loan products including project modules such as bangus in bamboo cages, tilapia culture in earthen pond,
hog fattening project and native chicken project. The project modules would provide OFW-borrowers information on investment requirements and projected monthly income for the said projects,” said LANDBANK President and CEO Gilda
Qualified OFWs may borrow from P300,000 to as much as P2 million at 7.5 percent interest per annum payable within one year or a maximum of seven years, depending on the loan project. LANDBANK will extend loan up to 80 percent of the total project cost while the remaining 20 percent is the equity of the borrower.
Eligible projects are those with confirmed market, market contract or service contracts that will generate an income of at least P10,000 every month.
Qualified borrowers are OWWA-certified OFWs who can no longer work overseas and who now want to engage in business and need financing assistance for working capital and fixed asset acquisition their preferred business.