Professional Documents
Culture Documents
If you plan to avail of OWWA loan, here’s what you need to know about this
facility before applying for one:
Health care
Agri-business
Tourism
Franchising
Education
Construction or rental business
Transport service
Service or trading
Likewise, the purpose of the loan must be for working capital and fixed asset
acquisition only and not for personal use.
Interest rate for both short- and long-term loans is pegged at 7.5% per annum.
Basic Requirements
Only OFW applicants certified and endorsed by OWWA can avail of the loan
program, which will be coursed through by Land Bank. To be certified, the
applicant must comply with the basic requirements:
Overseas worker applying for the OWWA loan facility must provide a
certification from OWWA to prove his/her status as bona fide OFW.
The applicant must attend and finish the Enterprise Development Training.
Submit proposed business together with purchase order and service contract or
contract growing agreement.
Applicant must likewise present copies of, but not limited to the following:
Bio-data of the applicant
Certificate of Registration with DTI
Mayor’s permit where the business is located
Income tax return or ITR for at least three years
BIR-filed financial statements for at least three years, if applicable
Statement of assets and liabilities
Interim financial statements, if available
Loan security or collateral, which could be the object of financing or
mortgageable assets like project assets or other assets of the borrowers
Where to Submit
Once you have the necessary documents, submit the requirements in OWWA
Main Office located at F.B. Harrison St., Pasay, Metro Manila. You can also
submit the requirements in the nearest regional office near your area. OWWA
regional offices are located in various cities in Luzon, Visayas, and Mindanao.
Loan evaluation, processing, and approval will be completed within 45 days
from submission of complete requirements.
http://www.ofwloans.ph/what-you-need-to-know-about-owwa-loan/
Find Out If You Are an Eligible Borrower for
OWWA Loan
At this point, you know what an OWWA Loan is, how it aims to help Filipino
migrant workers build a sustainable life in the Philippines, and the requirements
you need to accomplish to process your loan application.
http://www.ofwloans.ph/find-out-if-you-are-an-eligible-borrower-for-owwa-
loan/
Enterprise Development Training: A
Requirement You Need to Comply when
Applying for OWWA Loan
One of the projects offered by the Overseas Welfare Workers Association or
OWWA is the Enterprise Development and Loan Program, popularly known as
OWWA Loan. Its primary aim is to aid Filipino migrant workers to go back and
stay in the Philippines for good through business enterprise development.
Here’s the catch: if you wish to avail of the OWWA loan, you need to undergo
Enterprise Development Training or EDT. In fact, it is one of the major
requirements you need to comply with before your loan application is
processed. Upon submission of your loan application, you need to show proof
that you finished the course.
EDT has three phases, which you will learn more in detail
below.
Phase 1: Program Orientation and Business Appreciation
In this phase, you will be introduced to the concept of business, understanding a
business venture, and the qualities you need to posses to help you in running
and maintaining your chosen field. There will also be Personal Entrepreneurial
Assessment to help you identify your strengths and possible weaknesses in
handling a business.
At this phase, you will also be asked to present your business ideas and draft
your business plan. Experts will be looking into your business plans, so pay
attention as to the areas of improvement.
In case you have questions on the OWWA loan facility, this is the perfect phase
to raise them so you will have a better understanding.
Then, you can move on to the next phase.
If your proposed business is in the agricultural sector, you will have project-
specific trainings and hands-on experience with relevant government agencies
such as Department of Agriculture or Department of Agrarian Reform. You will
also have social preparations sessions where you will attend trainings on
bookkeeping or record keeping, and other skills training such as food handling,
marketing strategies, and developing production skills.
If you prefer a business venture that is non-agricultural, OWWA will refer you
to relevant agencies such as TESDA and DTI. You will be taught management
and technical skills applicable to your proposed business, plus networking
techniques to help your business grow. You will likewise be given a Basic
Productivity Toolbox as part of the Social Preparation Intervention.
After this stage, you will move on to the last phase.
Once you completed the three phases of Enterprise Development Training, you
will be given a Certificate of Attendance to prove that you went through the
process. Then, complete the other requirements needed to process your OWWA
Loan application. Thereafter, you will be endorsed to Land Bank, where a 40-
day verification period will run as part of the application process.
http://www.ofwloans.ph/enterprise-development-training-a-requirement-you-
need-to-comply-when-applying-for-owwa-loan/
Prepare These Requirements When You
Apply for OWWA Loan
The OWWA Loan facility provides a promising venue for Overseas Filipino
Workers to start a new life and provide a sustainable future for their families
without leaving the country. Apparently, there are requirements you need to
comply with to make sure your application for OWWA Loan is
approved.
http://www.ofwloans.ph/prepare-these-requirements-when-you-apply-for-
owwa-loan/
Applying for OWWA Loan: Practical
Difficulties, Pitfalls, and Everything in
Between
P2-billion Reintegration Program for OFWs to help them start a good life in the
Philippines. Sounds good, right? After all, the idea is you can settle and grow
old here in the Philippines without having to worry about your financial
situation. You know what they say, if it’s too good to be true, then most likely
it’s not true.
Surely, OWWA means well. They wouldn’t offer this kind of services to
Overseas Filipino Workers if their intention is not to help you, bagong
bayani. Unfortunately, applying for OWWA Loan is not as easy as it seems.
Check out these pitfalls and difficulties when applying for an OWWA Loan and
what you can do about it:
Whether or not you want to apply for an OWWA Loan, make sure you secure
the necessary permits and business documents to legitimize your business. This
way, the documents are readily available in case you decide to apply for
additional working capital. This will speed up the loan application process as
well since the documents are complete.
Here is a detailed list of requirements needed when applying for OWWA Loan.
2) “I’m still working overseas.”
One of the common questions we get from OFWs is if they can apply for a loan
eve if they are still working abroad. The answer is yes, although this can be a
tedious process.
OWWA Loan is offered to active OWWA members who were also certified as
OFW. You need to get that certification first since you will present it to
Landbank as part of the requirements.
In case you’re still abroad, here’s what you can do to verify your OFW status:
Contact the Welfare Officer of the Philippine Embassy in the country where you
are working. The Welfare Officer will verify your registration to OWWA as
OFW.
Once verified, the Welfare Officer will refer you to an OWWA Office in the
Philippines.
On your return to the Philippines, make sure to visit the said OWWA Office to
get the certification.
Present the OFW Certification to Landbank together with the other
requirements.
You can also execute a Special Power of Attorney authorizing your spouse or
any immediate family member who are of legal age to act and transact on your
behalf in case you need to go back to your work abroad.
Check with the OWWA Office near you regarding the schedule for Enterprise
Development Training since it will depend on the regional office. The duration
of the training may also last for minimum of one day due to the immersion.
Property under your name is just one of the many assets you can present as
collateral. Aside from property (as proven by a TCT or CCT), you can also use
the following types of assets:
5) “I need at least a million, but OWWA said they can only lend me less
than that.”
You surely want a higher amount when applying for a loan. After all, you can
use the excess funds to other equally important expenses. Unfortunately, that
won’t happen, especially if you can’t prove your capacity to pay.
Even if you are granted a loan, there is no assurance that you will be granted as
much as P2 million.
Still, don’t look at OWWA Loan negatively. This type of loan has benefits since
the facility is specifically offered for Overseas Filipino Workers. Nonetheless,
don’t limit yourself with OWWA Loan. There are many lenders who are willing
to make loan processing easier and more convenient for you.
http://www.ofwloans.ph/applying-for-owwa-loan-practical-difficulties-pitfalls-and-everything-in-
between/
Other Helpful Websites:
http://www.owwabenefits.com/owwa-philippines-loan-requirements/