Details about the OWWA Business Loan for OFWs Minimum & Maximum Loanable Amounts
Here is a guide on the loanable amounts under the business loan offer of OWWA for overseas Filipino workers (OFWs).
Countless Filipinos are working abroad in the pursuit to give their families and loved ones a more comfortable life. Truth be told that many Pinoys take the risks of being away from their loved ones and battle the constant longing to be with them in exchange for a higher compensation,
OFWs are considered as real-life heroes. They are not supporting their families but also the country with the money they bring in. Pinoys working abroad are members of the Overseas Workers Welfare Administration or more popularly called OWWA.
The OWWA provides services services for OFWs. One of these is a loan offer — the Overseas Filipino Workers – Enterprise Development and Loan Program or the OFW-EDLP. It intends to help OFWs in putting up a business or growing an existing one so they don’t need to return abroad in the future.
The loanable amounts under the OWWA Business Loan for OFWs actually depends if the borrower is a single proprietorship or a group of borrowers like a partnership, corporation, or cooperatives. For individual loan borrowers, here is the allowed range of borrowing amounts:
- Minimum Loanable Amount — Php 100,000.00
- Maximum Loanable Amount — Php 2,000,000.00
The government agency has set a higher maximum loanable amount under the OWWA Business Loan for OFWs for partnerships, corporations, and cooperatives. Here are the borrowing amounts allowed by the government agency for group loan borrowers:
- Minimum Loanable Amount — Php 100,000.00
- Maximum Loanable Amount — Php 5,000,000.00
Have you thought about starting a business or expanding an already existing one? Truth be told that working overseas is not permanent. Old age and several other factors can eventually stop you from returning to other countries to work. It is best to establish another source of income while working abroad.
Some OFWs were wise enough to have built profitable businesses that gave them the option not to return in other countries anymore. This is really one valuable move most especially if the OFW is the sole breadwinner of the family.