TABUK CITY, Kalinga, March 16, 2018– To provide Overseas Filipino Workers (OFWs) and their families with inputs on viable business ideas and possible entrepreneurial ventures, the regional office of Overseas Workers Welfare Administration (OWWA) is now offering loan assistance at a minimal interest rate.
OWWA-Kalinga Family Welfare Officer Jona Wacdagan explained that the OFW-Enterprise Development and Loan Program (EDLP) formerly known as OFW-Reintegration Program (OFW-RP), is an enterprise development intervention and loan facility of OWWA in partnership with the Land Bank of the Philippines (LBP) to support enterprise development among OFWs and their families.
‘’The program seeks to help OFWs and their dependents establish a viable income–generating activities or for improvement of their existing businesses that will provide them with a steady income. Likewise, to create employment opportunities in their communities,’’ Wacdagan noted.
She also reminded that only those with active OWWA membership (present OFWs or former OFWs who returned to the country for good since 2016) are eligible for the program.
One of the implementation schemes of the program, she said, is the social preparation of the applicants by conducting the Enhanced Entrepreneurial Development Training (EEDT) Phase I composed of program orientation, business appreciation and entrepreneurial skills assessment.
Wacdagan further explained that attendees with high entrepreneurial potential will be referred to Phase II and Phase III. Phase II, she said, is the visiting of demo farms, attendance in trainings or immersion to gain technical skills required for the desired business of the prospective borrowers while Phase III is the project proposal development to help the applicants complete their proposals with the help of partner institutions.
And to answer queries about the program, Francisco Buen, LBP-Tabuk City Account Officer, in his March 15 presentation told participants that the loan assistance can range from P100,000.00 to 2M with titled lot as collaterals.
Buen mentioned that the amount of loan granted to the borrower, payable in one to seven years with 7.5% interest per annum depends on the lot area and the nature of business being ventured into.
Warner Padawag, Trade and Industry Specialist from the Department of Trade and Industry-Kalinga also lectured on Entrepreneurial Mind setting.
After completion of the three phases, OWWA gives a certificate of participation and a referral letter to be presented by the borrower to LBP along with the finalized copy of the project proposal before the loan assistance is released.
As per records of OWWA-Kalinga, only one availed of the loan facility in 2017 due to the collateral requirement. The agency is hopeful that there will be more recipients to be benefitted by the program this year. **Darwin S. Serion/Tabuk City Information Office
