Livelihood Development Program for OFW
Program Title: Livelihood Development Program for Overseas Filipino Worker (OWWA-NLSF LDPO)
Program Objective: To help OFWs and their families start or sustain their own business through access to credit, capability building, market linkage and other forms of livelihood or entrepreneurial assistance.
Eligible Borrowers:
- All active and former member-OFWs of the Overseas Workers Welfare Administration (OWWA)
- OFWs' immediate family members (but only one family member per OFW can avail)
- For married OFWs: spouse or children of legal age
- For single OFWs: parents or children of legal age
- Former OWWA LDPO borrowers with good records of repayment
Loan Purposes:
- For short-term operating capital of new or existing business -two-year revolving credit line to be availed of via 30 to 180 days promissory notes.
- For permanent working capital (purchase of stock inventory or cost of franchise - 3 years repayment including one-year grace period on the principal
- For asset acquisition or construction (except for purchase of land - payable in 3 to 5 years including one-year grace period on the principal
Terms and Requirements:
Amount:
- Individual Borrower - maximum of P200.000.00.
- Organized and Registered Group of at least five members -maximum of P1.0 Million.
Interest Rates:
a. NLSF to Program Partners
- Interest: 3% per annum to be amortized with principal
- Service Fee: 1 % per annum to be deducted upon loan release and every start of succeeding year based on outstanding balance
b. Conduits to OFW borrower
- Interest: 9% per annum to be paid on maturity of short term loan or amortized with principal in case of 3-5 year loans
- Service Fee: 2% per annum payable upon loan release and at the start of every year thereafter based on outstanding balance
- Facilitation Fee: 3% one time for the entire term of loan (to cover for CI/BI, appraisal and processing expenses)
Security: Loans shall be 100% collateralized by any or a combination of the following unencumbered assets/rights: Real estate
- Chattel properties
- Stock inventories
- Receivables
- Insurance/pre-need policies
- Other types of collateral acceptable to the NLSF conduit
Loan Requirements for OFWs
- Proof of OWWA contribution
- Business Plan/Project Feasibility Study
- Business permit/license for on-going projects
- Financial statements in case of existing business Documents to establish borrower's relationship with the OFW (for beneficiaries)
- Collateral papers/ownership titles, etc.
Contact Details:
Overseas Workers Welfare Administration
7th St. cor. F.B. Harrison St., Pasay City
Tel.(02) 891-7601 to 24
Email: opcenter@owwa.gov.ph / owwa_opcenter@yahoo.com
Web: www.owwa.gov.ph
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