Returning overseas Filipino workers (OFWs) will now have a better chance to put up their own businesses and contribute to the country’s economic growth through loans from the Land Bank of the Philippines.
In a statement, LandBank said that as of end-April 2013, it approved P508.8 million in loans to 709 returning OFWs.
The bank added that the loans extended are projected to generate almost 3,000 jobs.
The LandBank noted that the P508.8 million are part of its P1-billion commitment to the government’s P2-billion OFW Reintegration Program in partnership with the Department of Labor and Employment and the Overseas Workers Welfare Administration (OWWA).
“By becoming entrepreneurs, our OFWs no longer need to leave the country to earn sufficient income. This program not only empowers our modern day heroes to improve their lives but also helps boost the country’s economy,” said Gilda Pico, LandBank president and chief executive officer.
Among the loans approved by the bank are working capital requirements and fixed-asset acquisition for businesses in palay (unmilled rice) and agricultural supply trading; hog raising and fattening; poultry; egg production; fishpond and fish trading; crop production; computer shop; grocery; transport and construction, among others.
It added that bonafide members of OWWA who have undergone the required training may borrow from P300,000 to as much as P2 million at 7.5-percent interest per annum, payable within one year or a maximum of seven years, depending on the proposed project.
The program is open to OFWs who have returned permanently as well as those who still intend to continue their careers overseas.