The Land Bank of the Philippines has earmarked at least P8.3 million in loan packages for returning overseas Filipino workers (OFWs) who want to begin their own business in the Philippines.
The loans are intended to provide economic opportunities for returning OFWs affected by political crises in the Middle East and other countries stricken by natural calamities.
The loan is for returning OFWs who want to start their own businesses in areas such as Bulacan, Pampanga, Zambales, Batangas, Iloilo, Bacolod, Cebu, Bukidnon, Davao, and Pasay.
LandBank said the amount forms part of the government’s P2-billion reintegration loan program.
The LandBank is implementing the reintegration program together with the Overseas Workers Welfare Administration (OWWA) and the Development Bank of the Philippines.
“The program aims to provide economic opportunities for returning OFWs affected by political crises in the Middle East and other countries seriously stricken by natural calamities,” the LandBank said.
LandBank president and chief executive officer Gilda Pico said the government will provide modules that contain information on investment requirements and projected monthly income from the different businesses.
Under the program, qualified OFWs may borrow from P300,000 to as much as P2 million at 7.5 percent interest per year, payable within one year or a maximum term of seven years.
The program also stipulates that LandBank will extend loan up to 80 percent of the total project cost while the remaining 20 percent will be provided by the borrower as equity.
“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,” LandBank said.
“Eligible projects are those with confirmed market, market contract, or service contracts that will generate an income of at least P10,000 every month,” the bank also said. – JE/VVP, GMA News
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
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Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
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Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
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March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
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