P100M allotted for OFWs rendered jobless by crisis

FALLING DOWN. Activists protest the alleged government inaction to massive retrenchments of Filipino workers due to the economic crisis. APMANILA, Philippines - An estimated P100 million will be made available to migrant Filipino workers who lost their jobs on account of the global crisis, the Philippine agency tasked to look after their welfare said.

Under the Livelihood and Credit Program for Displaced Workers, overseas Filipino workers (OFWs) may borrow up to P50,000 with an interest of five percent a year, payable in two years, the Overseas Workers Welfare Administration (OWWA) said.

The loan is collateral-free.

Recently approved by the OWWA board, the program will help OFWs fund their livelihood projects and transform them into entrepreneurs, the agency said.

The said facility is just one among the many credit windows launched by the labor department and other state agencies to assist laid off OFWs.

As of March 31 this year, 60,000 OFWs have already lost their jobs. In the meantime, thousands have already been deployed.

Upon payment completion, OFWs may also borrow for the second time as long as their livelihood project is similar to their first one.

However, the amount is considered as a drop in the bucket since the OWWA has P10 billion in total funds, which are sourced from OFW contributions.

An estimated 11 million OFWs are employed in various countries around the world whose remittances keep the Philippines’ consumption-driven economy afloat.

Besides helping boost the Philippines’ dollar reserves, money sent home by OFWs also stimulate local consumption, which comprise up to 80 percent of the economy.

Last year, remittances reached $16.4 billion, an amount that may decline to only $15 billion this year. - GMANews.TV

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