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Business Financial Aid for OFWs

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Almost every migrant worker share the mindset of a life-long endeavor working abroad. But for those who chose to abandon the idea of re-applying for overseas contract employment, there is a promising exit plan upon returning home. The most viable option to earn when an Overseas Filipino Worker (OFW) comes home is to venture into business that will help support and sustain their needs. The government extends a generous arm of financial support to help OFWs get started on business in the Philippines.

The Department of Trade and Industry together with Overseas Workers Welfare Administration (OWWA) started to reach out to OFWs and their dependents in Bacolod City. A seminar was held Tuesday on entrepreneurship and business planning at Negosyo Center. The seminar aims to educate OFWs on starting their own business in the country. Those with existing business learn how to sustain it. This is another way for OFWs to earn a living back home should they decide not to work abroad anymore according to DTI senior specialist, Romel Amihan.

The seminar is part of DTI and OWWA’s regular program to help OFWs and is scheduled every other Tuesdays. OFWs can receive generous support from the government through business financial aid to kick-start their own business. Amihan said that OFWs will be given a chance to apply for a business loan. The loan amount starts from Php 300,000 up to 3 million pesos. It is payable in 7 years at a low interest rate of 7.5% with diminishing balance. To qualify, a business plan is required, which will be submitted for evaluation to the Landbank of the Philippines.

Source : The Visayan Daily Star

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