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.
- 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