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OWWA Business Loans For OFWs: Steps of How To Apply

OFW STAFF/ADMIN November 20, 2018
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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


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One Response

  1. Eric Padilla Fernandez

    To who it may concern,

    I had old OFW ID can apply the replacement?

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