Credit Program for Overseas Filipino Workers

LOAN PURPOSES

Pre-Departure Loan (PDL)

PDL is a loan granted to ready-to-leave member-OFWs to defray cost of their pre-departure requirements such as payment for placement/processing fees, subsistence allowance, cost of clothing and pocket money.

Family Assistance Loan (FAL)

FAL is a loan granted to currently employed OWWA-member OFWs or their eligible dependents/families to tide them over during emergency situations.

Who can avail of the PDL?

OFWs who have processed their travel papers legally with valid overseas employment contracts.

Who can avail of the FAL?

OFWs with valid employment contract and with at least six (6) months remaining of the employment contract after loan release.

Who are the eligible Dependents / Family Members?

They are those declared by the OWWA member-OFW as spouse or children of a married member; and parents, brother, or sister of an unmarried/single OWWA member, in any document pertaining to his OWWA membership, of legal age, and authorized to apply for FAL.

LOAN FEATURES

* Loan Amount : based on two (2) months salary but not to exceed P40,000.00

* Interest Rate : 9% per annum (deducted in advance)

* Term of Loan : payable within 6 months to a maximum of 1 year

* Mode of Payment: equal monthly amortization

* Mode of Release: the loan shall be released in lump sum to the borrower net of interest, fees & charges. The loan proceeds shall be credited to their ATM account with LANDBANK.

* Fees & Charges

o Handling Fee P 314.01

o Docs Stamp P 60.00

o Insurance Premium P 615.02

o VAT/GRT Local Tax P 410.97

o Penalty = 2% per month

o Notarial Fee = For the account of the borrower

What are the basic documentary requirements for PDL?

1. Duly accomplished PDL application form

2. Passport and Visa*

3. Duly processed Employment Contract*

4. Overseas Employment Certificate (OEC)*

5. Proof of OWWA Membership (OR, E-Card Certificate of Cover )*

6. Two (2) valid IDs

*Note: with photo copy

What are the basic documentary requirements for FAL?

1. Duly accomplished FAL application form

2. Two (2) valid IDs

3. Passport and Visa*

4. Proof of OWWA Membership*

*Note : with photo copy

For OFW dependents

7. Authorization to borrow from the member-OFW

8. Any document to attest applicant’s identity and relationship to the member-OFW

9. Certification from OWWA Officer abroad.

Additional Requirement for PDL and FAL

9. Must have two (2) co-makers whose gross income must at least be double the amount to be borrowed.

Where should an interested OFW go to avail of the program?

Visit the nearest OWWA office.