OWWA extends livelihood grant to OFWs
Another livelihood opportunity awaits Overseas Filipino Workers (OFWs) and their families who want to start or sustain their businesses but do not have enough capital through the Overseas Workers Welfare Administration - National Livelihood Support Fund - Livelihood Development Program for OFWs (OWWA-NLSF-LDPO).
OWWA 6 Overseas Workers Welfare Officer III Noel Chavez said the LDPO is their agency's continuing program for livelihood development of OFWs. The program not only provides credit facilities to OFWs, their families and organizations but as well as entrepreneural development services such as technology transfer, training on business management skills and market linkages to ensure that they become self-reliant.
Chavez said this program is an opportunity for overseas workers who want to start an alternative source of livelihood in case they opt to stay for good or for their immediate families here in the country who are also entitled to the same privilege under the program.
Chavez said eligible to avail of the program are: all member-OFWs and former member-OFWs of the OWWA; for married OFWs, one of their immediate family, either spouse or children of legal age; for single OFWs, their parents or siblings of legal age; and existing LDPO beneficiaries with good records of repayment.
Under the program, qualified individual borrower can avail of a minimum loan of P50,000 and a maximum of P200,000 while organized and Registered Group of at least five members a maximum of P1 million.
Those who are interested to avail of this grant have to prepare the following requirements: proof of OWWA contribution; business plan; financial statements in case of existing business; business permits/license (for existing business), collateral papers/ownership titles; OFW consent for immediate family member; and documents to establish borrower's relationship with OFW (for beneficiaries borrowing in place of OFW).
Chavez said through this program they are helping OFWs and their families to invest and engage in business ventures which is also in support of President Gloria Macapagal Arroyo's agenda to create more job opportunities.
"We all know that the money sent by our OFWs to their families remain to be an important component of our national income but their business investments would boost more their contribution to the country's economy," Chavez said.
(PIA)