Overseas Filipino Workers Can Loan Up To 2 Million Pesos Payable in 7 Years
The Macau Daily Times recently reported that Overseas Filipino Workers (OFW) working in area are now eligible to borrow from 300,000 Pesos up to 2 million Pesos with a fixed interest rate of 7.5 percent per annum. This program is a joint effort of the Department of Labor and Employement (DOLE), the Overseas Workers Welfare Administration (OWWA), the Development Bank of the Philippines (DBP) and the Land Bank of the Philippines. This special loan program is open to all migrant and overseas Filipinos legally working abroad.
Eligibility rules require the applicant to have a net monthly income of no less than 10,000 Pesos and has made at least one contribution to OWWA. Approved applicants have seven years to pay the loan.
Source: Macau Daily Times
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