Dole: OFWs could avail of reintegration loan sans collateral

Friday, July 8, 2011

OVERSEAS Filipino workers (OFWs) interested in starting or expanding an existing business enterprise could avail of loan assistance without collateral from the Department of Labor and Employment (Dole) as long as the business they want to put or expand remains viable and profitable.

Dole National Reintegration Center for OFWs (NRCO) executive director Vivian Tornea yesterday made the clarification following queries from OFWs on whether they need to provide collateral to avail of loan assistance under the P2-billion reintegration program.

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“OFWs with existing business or those who want to start any business or livelihood project may apply for loan assistance of up to P2 billion without collateral as long as they can guarantee that the business they want to put up or expand is viable and profitable or earning, say, like P10,000 a month,” Tornea said.

Interested OFWs need to submit a business plan in applying for reintegration loan assistance in any of the Overseas Workers Welfare Administration (Owwa) regional offices.

“The absence of collateral is not an impediment in their application but Owwa will closely scrutinize the business proposal that should show proofs of the viability of the business or livelihood projects like market or purchase orders,” she added as she urged interested OFWs to also undergo a seminar that will orient them on financial and business management, various business and income generating livelihood undertakings, and other pertinent information they need in setting up and sustaining a business.

The reintegration program will support viable businesses especially on agribusiness, tourism, education and healthcare.

“The program aims to ensure that the OFW’s business or livelihood is sustainable not only in supporting the needs of their family but also in enabling them to generate jobs and contribute to community development so that they will no longer go back to their jobs abroad.”

OFWs could call Tornea at (632) 527-6184 and (632) 526-26-33 or email atnrcodole@yahoo.com for further details and clarifications. (CGC)