OWWA temporarily stops loans for OFWs

The Overseas Workers Welfare Administration temporarily halted the granting of livelihood loan to overseas Filipino workers pending further evaluation.

Rey Jacalan, OWWA regional information officer, said the loan has been temporarily stopped because they are still evaluating the conduits.

Jacalan said their office had received a lot of inquiries from interested applicants for the loan offered by the OWWA and the National Livelihood Support Fund.

But he said that they are yet to announce the date of the loan's availability since the evaluation of the conduits is not yet finished.

An OFW can avail himself of the P200,000 maximum loan from the OWWA for his entrepreneurial undertaking.

The loan is secured with a collateral and the applicant is required to put up 15 percent equity for the project.

Conduits are only allowed to collect the maximum nine percent of the annual interest while another three percent will be paid to OWWA for the tie-up. - Ferliza C. Contratista