Good news to all overseas Filipino workers!
OFWs can now avail up to 2 million pesos loan through a joint project from the Department of Trade and Industry or DTI and the Overseas Workers Welfare Administration (OWWA).
A memorandum of understanding (MOU) were signed between DTI and OWWA for the Enterprise Development and Loan Program (EDLP) which will assist OFWs when they return to the country through the form of entrepreneurship.
Repatriated OFWs were the main beneficiary of EDLP which will help then venture into small business.
EDLP, formerly known as the OFW Reintegration Program, seeks to help OFWs and their families who intend to venture into micro, small and medium enterprises (MSMEs) build their own businesses.
DTI-Regional Operations Group (ROG) Undersecretary Zenaida Maglaya said the partnership came at a good time as some OFWs, especially from the Saudi Arabia, have recently been retrenched because of oil crisis.
On the other hand, OWWA Administrator Rebecca Calzado said the EDLP is the most important part of the social preparation for OFWs upon their return to the Philippines.
OWWA will be responsible for the promotion of the MSMEs as part of the entrepreneurship development component of its Reintegration Program for OFWs. Aside from that, it will also organize entrepreneurship development training, refer prospective OFW- investors to DTI and offer its business loan program for expansion or start-ups done by OFWs.
The DTI will package priority MSME business models to be offered to prospective OFW-entrepreneurs and investors, and provide resource persons for OWWA-organized entrepreneurship development trainings and related activities.