The facts about OFW Reintegration Program is a hot topicfor OFW's wannabe entrepreneur. Again this has shown in ABS-CBN News featuring former OFWs' now a successful entrepreneur.Sadly, this is not available to all those interested OFW. There are important requirements and a thorough assesment to those potential borrowers.
Below are details from the Fact Sheet I received OWWA Personnel whom I interviewed about this supposedly gracious gesture from the government looking up to the hardships of our fellow OFWs'.
The National Reintegration Center for OFWs' offers a maximum of 2 Billion Pesos OFW Reintegration Fund. This is a special loan program from Overseas Workers Welfare Administration in partnership with Land Bank and the Development Bank of the Philippines. This is inteneded to support entreprise development among OFWs' and their families.
Eligible active OFWs' may apply if completed the Entrepreneural Development Training conducted by NCRO and OWWA in cooperation with the Department of Trade and Industry/ Philippine Trade Training Center and Bureau of Micro, Small and Medium Enterprise Development.
The visible project must have a viable business plan and will generate a monthly income of not less than Php.10,000.
The loanable amount is 2 Million pesos maximum and minimum of Php. 300,000 with an interest rate of 7.5% per annum.A fixed term based on the diminising balance.
All loan application must have a corresponding collateral most importantly in a real estate. However, if you have a viable business plan that has a proven success rate they might consider a non collateral loan pertaining you have proofs of a market business greement or a purchase order or contracts.
If you are interested get more details and visit OWWA office personally and be informed of the necessary requirements.