Senate bill creates loan program for OFWs

Tags: Saudi Arabia
Overseas Filipino workers (OFW) may soon be able to take out loans from the Overseas Worker and Welfare Administration (OWWA) for their family's expenses in their first three months at their new job, if a bill filed at the Senate is passed into law.
 
Under Senate Bill No. 507, or “An Act Establishing A Credit Assistance Program for Overseas Workers,” OFWs with bank accounts may borrow up to P50,000 upon the submission of their valid work contract, plane ticket.

Documents must be certified by their recruitment agency and authenticated by the Philippine Overseas Employment Administration (POEA).
 
The loan will be paid in 12 equal monthly installments with interest which will not exceed 6% per year. Payment schemes may extend beyond 12 months, but the loans have to be paid within 24 months.
 
Senator Cynthia Villar, author of the bill, said the bank account provided by borrowers must be the account where they will remit their salaries. OWWA will take their monthly loan payments from this account.
 
Family members of qualified OFWs will be required to apply as co-borrowers, and may also sign on the documents needed to authorize the loan.
 
Villar said the loan can help OFWs pay for plane tickets and placement and documentation fees collected while applying for jobs in other countries.
 
"Overseas Filipino Workers (OFWs) have time and again been referred to and honored as our modern day heroes," said Villar.
 
“It is but fitting to extend our OFWs all the assistance that the government can give, including an exclusive credit assistance program as proposed under this measure,” she added. — Rie Takumi/JDS, GMA News

Tags: Saudi Arabia

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