Smart and DBP earmark P2B for OFW loan facility

In its effort to promote entrepreneurship and change the cultural dependency of Overseas Filipino Workers (OFWs) families in the Philippines, Smart Communications, in partnership with Development Bank of the Philippines (DBP) will offer P2 billion loan facility for overseas working Pinoys.

The initial P1 billion credit facility was already rolled out in the last three months, starting with offering this facility in Dubai, of which over 100 OFWs have already availed of.

DBP is willing to add another P1 billion next year, for this unique credit facility, which offers nine percent annual interest rate.

In an interview with Lito Villanueva, Smart Communications head for Solutions Consulting and Program Management, he said that a minimum of P45,000 can be borrowed by an OFW, through its remittance company partners in other countries, initially in the Middle East, Qatar, United States, and Canada.

Loan releases shall be used to fund entrepreneurial business through SmartBro powered mini-Internet Cafes with eLearning content, and load retail business.

This program was launched by Smart and DBP three months ago, in order to address the “cultural dependency” of OFW families in the Philippines, so that remittance money will be put into business, Villanueva said.

The P45,000 minimum loanable amount, which is payable in 12-month to 18-month terms, will be utilized to established a neighborhood Internet Café, through SmartBro wireless network, and air-time reloading station.

OFWs based in other countries, will be able to get their application forms to authorized sales agents of Smart, and remittance centers, and Smart will facilitate the submission of the applications to DBP.

Loan processing would only run for two or three days, Villanueva said. Basic requirements include; at least P25,000 monthly salary, passport, employment contract, among others.

Smart, also joined the Overseas Workers Welfare Administration (OWWA) initiated program called “OFW Grand Salubong” this Christmas season, to honor the arrival OFWs who are visiting their respective families here this Christmas.

OWWA, together with Department of Labor and Employment (DOLE), Department of Tourism (DOT), and Mactan Cebu International Airport Authority (MCIAA), held the event recently holding grand greeting events to arriving OFWs at the international airport arrival station.

Starting December 19 to 23, 2007, each of them will get a premium item and a chance to win SMART cell phones and Wow Magic Sing units. 

Arriving OFWs who will register their SMART SIMs will automatically earn one electronic raffle entry for the SMART PINOY OFW Salubong Grand Draw on February 28, 2008.  A total of 136 winners will be drawn, 25 of whom will win Wow Magic Sing microphones.  Another 30 will win Smart BRO computer packages, 50 will win 39,000 miles, which is equivalent to a free domestic flight for two and 30 will get a Smart e-Load business.  The grand winner will win a brand-new Isuzu Crosswind XTi Limited Edition.

Passengers may increase their chances of winning by earning one electronic raffle entry for every Smart international usage (IDD, international SMS, international MMS, international video call, international voice SMS and roaming).

With 28.3 million subscribers as of end September 2007, SMART enjoys the largest share of the Philippine cellular market at about 55 percent with a network coverage that spans 99 percent of the country’s population.

Its products and services are available in over 200 countries abroad in partnership with over 400 international network partners. Through PLDT Global, SMART also serves the mobile communication needs of Filipinos in Singapore and Hong Kong via 1528 SMART.