OWWA Business Loans For OFWs: Steps of How To Apply

The Overseas Workers Welfare Administration (OWWA) offers loan to those qualified Overseas Filipino Workers (OFW) through the partnership of Land Bank of the Philippines.

Applicants need to secure a business plan to ensure the viability of your business that you want to enter. Viable projects are those that come with a P10,000 monthly net income. OFWs can loan the capital amount that they need to start the business. There are short-term loans and there are also long-term loans. Short term loans only last for one year (12 months) while the long-term loan could last up to seven years.

The interest rate for long and short-term loans reaches 7.5% per annum. The loanable amount ranges to P300,000 to P2,000,000.

Requirements

• OWWA certificate that will serve as a proof that you are an Overseas Filipino Worker (OFW).
• Applicant must finish the Enterprise Development Training. The credit history of the OFW will also be helpful in assessing the maximum loan amount as well as the terms of payment.
• The project specifying hoe the family can generate income for their family.
• Certificate of Registration with the Department of Trade and Industry (DTI).
• OFW’s Biodata
• Mayor’s Permit
• BIR-filed financial statements in the past 3 years
• Income Tax Return (ITR)
• Statement of Assets and Liabilities
• Interim Financial Statement

OWWA Offices in the Philippines

• Baguio City
• Cotabato City
• Tuguegarao, Cagayan
• Butuan City
• Calamba, Laguna
• Koronadal City
• San Fernando, La Union
• Davao City
• San Fernando, Pampanga
• Cagayan de Oro City
• Malate, Manila
• Zamboanga City
• Legazpi City
• Tacloban City
• Iloilo City
• Cebu City