State agencies ink deal to help OFWs

Executive officers of Landbank of the Philippines and the Development Bank of the Philippine with DOLE Usec. Danilo P. Cruz and OWWA Administrator Carmelita S. Dimzon on the signing of the 2 Billion Pesos Reintegration Program MOU signing- by OWWA

Home Updated June 03, 2011 11:23 AM

The 2 Billion Pesos OFWs (Overseas Filipino Workers) Reintegration Program was formally set as state agencies including the Department of Labor and Employment, Overseas Workers Welfare Administration (OWWA), National Reintegration Center for OFWs, Landbank of the Philippines (LBP) and the Development Bank of the Philippines (DBP) inked a memorandum of understanding on May 30 at the OWWA headquarters.

This significant event was attended by the top executive officers of all the named agencies. The reintegration program was in direct compliance to Pres. Benigno Aquino’s directive on giving sustainable enterprise opportunities to the OFWs and their families to have working abroad be more of a choice rather than a necessity.    

The two government banks, LBP and DBP, will be the direct lending institutions and will implement this program nationwide in partnership with other government agencies and tapped private sectors.

The loanable amount may start at P300,000 and can go as high as P2 million. A 7.5% interest per annum applies with up to a maximum of seven-year term payment subject to loan project. Agribusiness, tourism, education and healthcare for the regions are only some of the more favored businesses the reintegration program will support.   

The initial recipients from Luzon, Visayas and Mindanao of the OFWs Reintegration Program will be awarded their cheques on the 1^st National Congress of OFWs and Families on June 7 at the SMX Convention Center, Pasay City.

“All the agencies involved will certainly work together to ensure committed service and immediate effectivity of this project for our OFWs and their families,” OWWA Administrator Carmelita Dimzon said.