OWWA, LDP and DBP Opens The Possibility Of Providing Collateral-Free Loans For Returning OFWs

In the hopes of providing micro lending facility and collateral-free loans for returning Overseas Filipino Workers, OWWA chief Hans Leo J. Cacdac is currently in talks with the Development Bank of the Philippines (DBP) and Land Bank of the Philippines (LBP) to act to this matter accordingly.

The act was based on the reintegration program of the government for Overseas Filipino Workers returning to the Philippines for good. The government has set Php 2 billion for this program.

BUNOS : List of Banks and Private Institutions for Personal, Housing and Auto Loans That OFWs Can Apply

According to Cacdac, they are currently on talks with Land Bank and DBP in the hopes of providing micro lending facility amounting to Php 100,000 to Php 2 million, without the need to provide a collateral. There is about Php 2 billion allotted to fund this government program, Php 800 million out which has been loaned out.

The only major requirement for applicants is an entrepreneurship seminars which comes in three parts. This seminar aims to train and develop applicants in creating a business plan so they can cope with their business.

“Aside from the decision to start a business, it is also necessary to hear advices from mentors who already attained success in their line of business.” Cacdac said.

All remaining updates are posted in Cacdac’s Facebook page

Source : Filipinotimes