Being an Overseas Filipino Worker is not forever. No matter how long you work abroad, there will always be a bigger possibility of going back and settling in the Philippines. If you happen to work in countries that are experiencing war or political conflict like Syria, the Philippine government will order mandatory repatriation, forcing you to go home.
To prepare for that, many OFWs decide to open up their own business, no matter how small it is, to help them earn money for the family. Apparently, not many OFWs have enough capital that will help in starting your own business.
This is where OWWA Loan Program comes in.
1) A reliable business partner. The government recognizes the hard work of all OFWs. Despite earning in dollars, they know that you will need extra help when the time comes and you will decide to open your own business. The The OWWA Loan for OFW helps finance your business needs for up to P2 million so you can get back on your feet and have a sustainable source of income for your family. This way, you don’t have to go back abroad to work.
2) The Enterprise Development Training. Apart from the amount you will receive to finance your business, you will be required to undergo Enterprise Development Training or EDT. In fact, this is one of the mandatory requirements you need to comply with to get your loan approved.
This training covers what you need to know about starting, managing, and sustaining a business. You will also have project-specific training or immersion according to the business you plan to put up and make a business plan, which will be submitted together with other requirements for OWWA Loan. The EDT ensures that you are equipped with the necessary knowledge and skills to help you succeed in your entrepreneurial journey.
Read more about EDT here.
3) Variety of business allowed. Another good thing about OWWA Loan is that it is applicable to various kinds of business. Construction, rental services, service or trading, franchising, transport, and health care are among the allowable businesses. Aside from that, you will also have a better understanding of your chosen field through the Enterprise Development Training.
4) Specifically tailored for OFWs. There are various banks and lending institutions that have facilities for OFWs. Apparently, there are few that caters to OFW and their business needs. The Philippine OWWA Loan is one of them and it is intended to support every OFW’s ability to succeed in the field of entrepreneurship.
Keep in mind that OWWA Loan for OFW is there to assist you in starting your business. The success will depend on you, so make sure you choose a field that will suit not just your needs but your interests as well.