Skip to main content

House of Congress Approved House Bill 4985 (Bill Granting Credit Assistance to OFWs)

Good news for Filipinos who are just about to embark on a journey and becoming OFWs. It's about time that our "benevolent" lawmakers in the Philippines give some importance to what the government keeps on calling "Bagong Bayani". This a very significant and relevant bill for future OFWs and their families. I know how hard it is to find substantial amount to spend on processing expenses before you can even leave the country, much more for the living expenses of the family that will be left behind.
"A measure creating a credit assistance program for overseas Filipino workers even before they leave the country has been approved by the House of Representatives on third and final reading.
Under House Bill 4985 or the proposed Overseas Workers Credit Assistance Act, OFWs may borrow up to P50,000 from the Overseas Workers Welfare Administration (OWWA) to defray the living expenses of his or her family during the first months of absence or to pay for recruitment expenses including placement fees, documentation costs and plane tickets."
Source: House OKs bill granting credit assistance to OFWs
Most of the time, a would be OFW will turn to loan sharks because it's easier to borrow than from legal financial institutions. The only problem is the interest can be as high as 20% but with the hope of finding a good job abroad no interest is too high for a determined individual. And when this happens, it will take at least 2 years before an OFW can clear his debts, sometimes even longer.

This is a very welcome move on the part of the Congress.. Finally they have noticed the need to assist aspiring new heroes to make it easier for them and their families to start and be able to hold on until the pasture will really becomes green. Sir/Madame of the House of Congress, please do expedite the approval of the Bill and hopefully more support shall be extended to the Millions of Filipinos around the world.

Comments

Popular posts from this blog

Mga Bagong Bayani (OFW) Ipagbunyi inyong Kadakilaan

Sa bawat daan na iyong tinahak Sa mga luha sa mata mo pumatak Sa katawan mong pagod at batak Sa pamilya mong muntik mawasak Sa bawat mga araw na lumilipas Sa yugto ng buhay mong nalalagas Sa damdamin mong nagagasgas Sa mga nagdaraang mga oras Saan ka kaya patutungo? Sino kaya ang sa luha magpapatuyo? May hahagod kaya sa katawang hapo? Manitili kayang pamilya mo ay buo? Araw na lumipas maibabalik ba? Makikita ba mga sandaling nawala? Kaya pa ba sa bigat ng iyong dala? Oras na nagdaan mapapalitan ba? Mga Bagong Bayani....Ipagbunyi inyong kadakilaan..

Are OFW's Rich?

"Overseas Filipino workers (OFWs) are not rich. We have this notion that when someone is an OFW or based abroad, he or she is loaded. Not true. An OFW might earn from P50K-P300K a month, depending on the location. Those in Saudi Arabia or the United States might earn in the high range. But to say that they're 'rich' is a fallacy (amen!). There's no place like home - Living Abroad : For some OFW's the notion maybe true but for most it's a fallacy like what the author of the article where I got the excerpt said. I have seen the plight of some unfortunate Filipinos working here in Qatar and even heard of some earning as low as QR 700.00 that is roughly Php 8,360.00. Imagine the hardships and the sacrifices it takes just to earn that meagre amount so they can send money home. I just can't imagine how they are surviving with that salary as the cost of living here is relatively higher compared to Saudi Arabia. My food allowance here ranges from QR 5

Loans Available for OFW

The Philippine Government particularly OWWA (Overseas Workers Welfare Administration) which is the lead institution that serves the interest and welfare of member-Overseas Filipino Workers (OFWs) has come up with a program which main purpose is to help and Finance some livelihood programs of OFW and their families through Financial Loans. Please see below the description and the criteria for the said program.