Thursday, November 22, 2007

Livelihood Grants for OFWs

The Overseas Workers Welfare Administration - National Livelihood Support Fund - Livelihood Development Program for OFWs (OWWA-NLSF-LDPO) will help the Overseas Filipino Workers (OFWs) and their families to start a new business by funding the capital for their livelihood.

According to Overseas Workers Welfare Officer III Noel Chavez, LDPO is part of their agency’s continuous livelihood program for OFWs. Aside from the credit facilities they offer to the OFWs, their families and organizations, they also offer entrepreneurial development services like technology transfer, training on business management skills and market linkages to ensure that they become self-reliant.

Chavez said that if in case the OFW would rather choose to stay in the country, LDPO is a great chance for them to start an alternative source of income, not only them but likewise their immediate families here in the country are also entitled to the same privilege.

Those who are entitled to avail the program are:

  • all member-OFWs and former member-OFWs of the OWWA,
  • married OFWs, one of their immediate family, either spouse or children of legal age,
  • single OFWs, their parents or siblings of legal age, and
  • existing LDPO beneficiaries with good records of repayment.

The programs allows qualified individual borrower to avail a minimum loan of P50,000, maximum of P200,000, and maximum of P1 million for organized and registered group with at least five members.

The requirements for those who are interested to avail the grant are:

  • proof of OWWA contribution,
  • business plan,
  • financial statements in case of existing business,
  • business permits/license (for existing business),
  • collateral papers/ownership titles,
  • OFW consent for immediate family member, and
  • documents to establish borrower's relationship with OFW (for beneficiaries borrowing in place of OFW).

Chavez said that through LDPO, they will be able to help the OFWs and their families to invest and start a business with the support of the President’s agenda to create more job opportunities.
"We all know that the money sent by our OFWs to their families remain to be an important component of our national income but their business investments would boost more their contribution to the country's economy," Chavez said.

This article was first published in on March 23, 2006

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