Lapid pushes for credit assistance program for OFWs --- Anna Felicia Bajo/AOL, GMA Integrated News

Senator Lito Lapid is seeking to provide credit assistance for overseas Filipino workers. In filing Senate Bill No. 2390 or the proposed Act Establishing a Credit Assistance Program for Overseas Filipino Workers, Lapid wants to allow qualified OFWs to get loans up to P50,000 from the Overseas Worker and Welfare Administration (OWWA). "It is not enough that we acknowledge [the] contributions of OFWs to the country. Word without corresponding action is nothing. In recognizing their immense role in our economy, we must respond to their needs to repay their sacrifices,” Lapid, a member of the Senate migrant workers committee, said in a press release. "It cannot be overly stressed how important the role OFWs play in the shaping of the country's economy,” he added. Lapid said this measure would help OFWs in providing for the living expenses of their families during the first three months of their absence, as well as recruitment expenses, including placement fees, documentation costs, and plane tickets. Under the proposed measure, the loan shall be paid in 12 equal monthly installments or more but not exceeding 24 months at a preferred interest rate not to exceed 6% per annum. Meanwhile, Lapid also acknowledged the cash remittances from OFWs which hit record high in 2021 while the world was reeling from the effects of COVID-19 pandemic. Citing records from the Bangko Sentral ng Pilipinas (BSP), the senator said that cash remittances coursed through banks rose by 5.1% to $31,418 billion in 2021 from $29,903 billion in 2020. “For this reason, the least that we can do to repay them is to craft programs that would allow access to services more easily and without the rigorous processes which are laden with bureaucratic runarounds,” Lapid said.—Anna Felicia Bajo/AOL, GMA Integrated News