Repatriated OFWs affected by employment crisis overseas can restart their life by opening their own business in the Philippines. This can be made possible by availing up to 2 million pesos loan from the Enterprise Development Program, a joint program of the Department of Trade and Industry (DTI) and Overseas Workers Welfare Administration (OWWA).
Once OFWs submit the requirements and pass evaluations, they can already get a minimum of P100,000 and a maximum of P 2 million pesos loan.
Here’s how you can avail of the loan program.
1. Verify your OWWA Registration.
OFWs in the Philippines must visit the nearest OWWA office to verify their eligibility to the program. If you are proven eligible, you will be issued a certification of membership which you can present to Landbank for evaluation.
Meanwhile, OFWs still overseas may email the welfare officer of the Embassy covering your country of work about the OFW Reintegration Program. The welfare officer will then verify your registration in OWWA as an OFW. Once verified, you will be referred to an OWWA office in the Philippines. Upon your return, get your certification from the OWWA office and present it to Landbank.
2. Attend Enteprise Development Training
Eligible OFWs will be encouraged to personally attend Enterprise Development Training (EDT) to be carried out by OWWA, DTI and Landbank. This training will empower OFWs in managing their business. You will be required to present the certificate of attendance on the EDT to Landbank.
3. Prepare business plan and other requirements to Landbank.
You will be required to prepare the following requirements
- OWWA certification that borrower is a bonafide OFW and has attended EDT
- Business plan on the specific business
- Contract growing agreement, purchase order or service contract, if applicable
- Certification of Registration with DTI
- Biodata of applicant
- Mayor’s permit
- Income tax return for the last 3 years, if applicable
- Latest Interim Financial Statement, if applicable
- Statements of Assets and Liabilities
4. Submit the requirements.
Once you submit the necessary requirements, Landbank will review it. Your business will also be inspected, if it’s already existing.
5. Wait for approval of your loan.
The fund will be released once Landbank approves your loan.