The Land Bank of the Philippines has approved more loans for returning Overseas Filipino Workers under the government’s OFW Reintegration Program (OFW-RP).
As of end-July 2012, Land Bank approved P272.8 million in loans for 425 OFWs so they can start their own business and engage in livelihood activities. This is expected to generate an estimated 1,648 jobs.
Among the loans approved were working capital requirements for businesses in palay and rice trading, hog raising and fattening, agri-vet and poultry supplies, and general merchandise.
“We at Land Bank join the National Government in facilitating the reintegration of returning overseas workers by providing financial and technical assistance to help them start their own businesses. We are optimistic that by becoming entrepreneurs, they will not only ensure their socio-economic stability but can also help boost the country’s economy,” said Land Bank President and CEO Gilda E. Pico.
Land Bank offers a range of financial services including project modules such as bangus in bamboo cages, tilapia culture in earthen pond, hog fattening project and native chicken project. The modules provide OFW-borrowers information on investment requirements and projected monthly income for the said projects.
Bonafide members of the OWWA who had undergone the required training may borrow from P300,000 to as much as P2 million at 7.5 percent interest per annum payable within one year or a maximum of seven years, depending on the proposed project. Eligible projects include those with confirmed market, market contract or service contracts that will generate an income of at least P10,000 every month.
For further information or assistance, interested OFWs may visit the bank’s website or call (02) 405-7640. (Land Bank/RJB/JCP-PIA NCR)
Source: PIA
