Working abroad is not forever. No matter how long our overseas Filipino workers stayed abroad to work, they will eventually come home for good. It is important that they have a source of income or sustainable business or investment to sustain the needs of their family, paying their bills, mortgages, etc. The government has anticipated this scenario and find ways to address the need for a reintegration program for returning OFWs.
LANDBANK and the Overseas Workers Welfare Administration (OWWA) forged a partnership to provide enterprise opportunities for OFWs on a sustainable basis giving birth to LandBank's OFW Reintegration Program.
LandBank OFW Reintegration Program is a program that will provide opportunities for OFWs to engage in business as an alternative to overseas employment.
OFWs certified by OWWA on membership and capacity building program attended
Viable projects with a confirmed market or Purchase Order (if any) that will generate net monthly income of at least P10,000
Fixed Asset Acquisition
Qualified OFWs can avail a minimum loan of P300,000 up to P2,000,000.
Term of Loan
Based on cash flow but not to exceed 7 years (inclusive of 2 years grace period)
Chattel on Machinery & equipment
Hold-out on deposit
Deed of Assignment on inventory & receivable
Short-Term Loan - maximum of 1-year
Term Loan - based on cash flow but not to exceed 7 years inclusive of a maximum of 2 years grace period on the principal.
• OWWA certification that borrower is a bonafide overseas worker, has completed Enterprise Development Training
• A business plan for the specific project that will generate income for OFW and his/her family
• With contract growing agreement, purchase order or service contract, if applicable
• Certificate of Registration with DTI
• Bio-data of applicant
• Mayor’s Permit
• Income Tax Return (last 3 years), if applicable
• Financial Statements (last 3 years, BIR-filed), if applicable
• Latest Interim Financial Statement, if applicable
• Statement of Assets and Liabilities
HOW TO AVAIL OF A LOAN?
1. Visit the nearest OWWA Office and undergo orientation/necessary training.
2. Secure the required OWWA Certification for submission to LANDBANK.
3. Visit the nearest LANDBANK Lending Center or LANDBANK Branch for more information and evaluation of project proposal.
This article is filed under: OFW News, OFW Reintegration Program, Landbank