What is OWWA?
The Overseas Workers Welfare Administration or OWWA is one of the government agencies that deals with the welfare of overseas workers in the Philippines. It was established in 1977. It is the government agency that is primarily responsible for the welfare of overseas workers in the Philippines.
Moreover, it is also a program that was created to help the vulnerable and the overseas workers in the country that are in need of financial assistance. The OWWA provides the overseas workers with emergency financial assistance and livelihood support, as well as their families in case of need.
Overseas Workers Welfare Administration in Philippines is a government agency that provides social security, help with employment, remittances, cultural services, and legal matters. It is an agency attached to Department of Labor and Employment or DOLE.
OFW loan from OWWA, how does it work?
Overseas Filipino Workers (OFW) can apply for an OWWA loan to establish a business. The loan is granted to OFW's or their dependents who need it to start their own business or expand the current business they have. The loan can be used to purchase equipment, machinery, and raw materials, to invest in the construction of a new building or to purchase a plot of land.
Moreover, the loans are available for up to 100,000 to PHP 2 million. These loans are available to assist in establishing a business. The loan will have a term of 10 years or less and interest rates will vary based on the loan amount.
Interest rate
The interest rate of OFW Loan from OWWA is 7.5% - this is considered to be relatively low if you compare it to traditional bank loans which sometimes have a percentage of 20% or more.
How much is the OFW loan in OWWA?
OWWA offers loans that range from PHP 2,000 to 10,000,000 for OFWs. The loan is for up to three years and is conditional on the borrower's income. The loan can be taken out in installments at a rate of up to 6% to 8% service fee.
Benefits of OFW loan in OWWA
The Overseas Filipino Worker (OFW) loan program is a business loan program for overseas Filipino workers. It helps OFWs to establish or start their own business in the Philippines or abroad. It is a low interest rate loan that provides capital for their business. It can be used to purchase raw materials, purchase machinery, build facilities and complete other business process. It can also be used for the daily operations of your business.
How to apply for OFW loan in OWWA Philippines?
If you want to apply for OFW Loan in OWWA, just go to OWWA’s website and find the financial product. Click “Apply Now” and fill out some important information about you and your dependent.
Furthermore, here are the persons who can apply for an OFW loan:
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OWWA Member
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Has completed the Enhanced Entrepreneurial Development Training or EEDT
Requirements
To apply for OFW loan in OWWA, you need;
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Application form
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Two Valid IDs
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Place of residence and its sketch
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Business Plan or its proposal
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Statement of assets and liabilities
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Barangay Certificate
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Certificate of OWWA
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Proof of billing address
How to get OFW loan in OWWA online?
The application of OFW Loan in OWWA is usually online. Just go to OWWA’s website page and you will see the OFW Loan as a financial tool.
For more information, go to; https://owwamember.com/
How to pay the OFW loan for OWWA?
You can reimburse your OFW loan to OWWA through remittances center, 7/11 CLIQQ, bank transfer, over-the-counter transactions, or through online banking as long as your bank is able to.
What happens if I can't pay?
If it happens that you can’t pay OFW Loan to OWWA, a certain service fee and late payment fee will be charged to you. Or worse, there will be a possibility that you’ll be banned from acquiring any loans from OWWA – which is the last thing you should do.
Customer service and contact information
If you have any concerns regarding your OFW loan and wishes to raise an inquiry to OWWA, you can call 8891-7601 to 24. You may also go to their website: https://owwa.gov.ph for more information.
OFW loan in OWWA, reviews
Overseas Filipino Workers (OFWs) have been a part of the workforce for decades, but the business climate for OFWs has been changing. In order to help OFWs establish a business and provide them with a chance to prosper, the Overseas Workers Welfare Administration (OWWA) has announced the launch of the Overseas Filipino Workers (OFW) Loan Program. The new loan program will help OFWs get a chance to establish a business, improve their quality of life, and provide a better future for their families.
A lot of people are being fond of this loan – especially the families of OFW because they’ve been given a chance to start a store, a restaurant, a messenger service, or any businesses they prefer as long as it’s doable.