Bits and Snippets of the Philippines

Basic Reading of Global Filipinos

Overseas Filipino Workers Can Loan Up To 2 Million Pesos Payable in 7 Years

with one comment

Filipino Migrant workers in Hongkong

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

Photo by dying_of_the_light at Flickr.com

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One Response

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  1. i think this is great for the OFW. they can already start with getting things good back home…

    Like

    ilovecheapcalls

    August 31, 2011 at 4:57 am


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