Senate Bill Filed Seeking Loan Grant for OFWs
Jan 8, 2014
Overseas Filipino Workers (OFWs) may get the chance to immediately support their family just after three months of employment abroad if the senate bill seeking loan assistance for OFWs and their families gets ratified.
The senate bill filed by Senator Cynthia Villar, known as Senate Resolution No. 507 entitled "An Act Establishing A Credit Assistance Program for Overseas Workers," aims to enable OFWs and their families get a P50,000 loan assistance from Overseas Workers Welfare Administration (OWWA). Any OFW who has a valid employment contract and certification from the Philippine Overseas Employment Administration (POEA) can avail of the loan program.
The bill also provides that any family member of the OFW may be named a co-borrower of the loan and can execute necessary doumentation related to it. The P50,000 loan, if granted, can serve an OFW to be able to pay for his recruitment processes that include document processing and payment of placement fees.