Land Bank of the Philippines (Landbank) continues to strengthen its commitment to Overseas Filipino Workers (OFWs) seeking to permanently return home and achieve financial security through its Overseas Filipino Workers Reintegration Program (OFW-RP).
Jointly implemented with the Overseas Workers Welfare Administration (OWWA), the Program aims to enable OFWs to pursue business opportunities in the Philippines as an alternative to overseas employment. As of March 2024, Landbank has approved a total of P2.68 billion in loans to 1,504 borrowers.
“We recognize the significant contributions of our OFWs to the economy,and through this Program, we are providingthem access to affordable financing and essential support services.We hope to turn their hard-earned savings abroad into thriving businesses here in the Philippines for their families and beneficiaries,” said Landbank President and CEO Lynette V. Ortiz.
Under the OFW-RP, eligible OFWs may avail of loans for working capital or acquisition of fixed assets at a minimum amount of P100,000 and up to P2 million for a single proprietor borrower, and P5 million for a group of OFW borrowers, with a fixed interest rate of 7.5 percent per annum.
The short-term loans under the Program are payable up to one (1) year, while the tenor for term loans shall be based on cash flow but not to exceed seven (7) years, inclusive of a maximum of two (2) years grace period on the principal.
The OFW-RP offers funding for a wide range of viable business ventures, including franchises, agricultural and non-agricultural production and marketing endeavors, construction projects, rental services, trading businesses, and transportation services, among others.
