According to the Bangko Sentral ng Pilipinas, OFW remittances in 2016 amounted to $2.4 billion. This is why the government is continuously providing programs and services that could make their lives and that of their families better, including OWWA Loan.
The good news is there are other financial institutions that offer various loan facilities specifically for Overseas Filipino Workers. Whether it is a business loan, a personal loan, home loan, or car loan, these banks are willing to extend their helping hands to you:
1. Bank of the Philippine Islands (BPI)
BPI offers variety of loan facilities for both land-based and sea-based migrant workers. This includes Personal Loan up to P1 million, Housing Loan, and Auto Loan designed for OFWS.
To apply, you must be a Filipino citizen and 21 years old and above and not more than 60 years at the time of loan maturity. You must also submit government-issued IDs and your latest and unexpired POEA contract or current employment contract with boarding date.
Visit www.bpiloans.com to apply online.
2. BDO Unibank (BDO)
BDO established the Asenso Kabayan Program to provide financial assistance to OFWs who wish to apply for a home, auto, or personal loan.
BDO bank loan requirements are: borrower must be at least 25 years old but not more than 65 years by the time your loan matures and employed for at least two and three years for skilled workers and domestic helpers, respectively.
You can also download BDO application form for loan on their website, www.bdo.com.ph
Chinabank offers Overseas Kababayan Services, which provides secure, reliable, and competitive products that allow you to manage your remittances, investments, and personal needs. This includes home loan, car loan, and personal loans as well.
To apply for China Bank OFW loan, requirements include age of borrower between 21 and 65 years old upon maturity of loan and should not have any adverse credit findings like unpaid loans, cancelled credit cards, or bouncing checks among others.
Visit www.chinabank.ph for more information about their loan facilities.
4. Philippine National Bank (PNB)
“You First” is PNB’s tagline. True to its promise, PNB came up with Global Filipino program for OFWs. They offer auto loan and home loan for your family and avail of any of the facilities even when you are working overseas through their branches outside the Philippines.
Similar to other banks, you must be at least 21 years old to avail of any of the loan facilities and must not exceed 65 years old at the time of maturity. You must also be working abroad for at least two years to qualify.
Know more about PNB’s Global Filipino program here.
5. Philippine Savings Bank (PSBank)
PSBank is also committed in providing overseas Filipino workers with facilities that could enhance your life. Aside from the savings account and remittance facilities, PSBank also has home and car loan products for OFWs.
Apart from the basic requirements such as age and term of employment, don’t forget to submit your Job Contract, proof of remittances for at least three months, and consularized Certificate of Employment.
Check out PSBank’s loan facilities in their website.
6. RCBC Savings Bank (RCBC)
Whether it is a housing loan, car loan, personal loan, or a loan to help you start your business, RCBC got you covered. They provide flexible terms as well to make payment easier and more convenient for you.
You can learn more about RCBC’s consumer loans by checking out their website.
Check the loan facilities offered by various banks and ask about their interest rates and payment terms to help you decide which bank is the best one for you.