The Land Bank of the Philippines is offering up to 2,000,000 pesos loans to overseas Filipino workers in its OFW Reintegration Program (OFW-RP).
This is a program that will provide opportunities for OFWs to engage in business as an alternative to overseas employment, as stated on its website. Loanable amount starts from 300,000 to 2,000,000 pesos.
Here’s the details of Land Bank’s OFW Reintegration Program (OFW-RP).
|Description||A program that will provide opportunities for OFWs to engage in business as alternative to overseas employment.|
|Eligible Borrowers||OFWs certified by OWWA on membership and capacity building program attended|
|Eligible Projects||Viable projects that will generate a net income of at least equal to the poverty threshold set by NEDA.|
|Loan Purpose||Working CapitalFixed Asset Acquisition|
|Amount of Loan||Minimum of P300,000Maximum of P 2 Million|
|Term of Loan||Based on cash flow but not to exceed 7 years (inclusive of 2 years grace period)|
|Loan Security||REMChattel on Machinery & equipmentHold-out on depositDeed of Assignment on inventory & receivable|