BlendPH extends loan assistance to OFWs: Invaluable Support, Assistance for `Modern-Day Heroes’
The impact of the global pandemic on many Overseas Filipino Workers (OFWs) has been enormous. Hundreds of thousands of displaced OFWs were gripped by fear and uncertainty, as they complied with travel restrictions imposed by governments that sought to curb the rising transmission rate of COVID-19. It certainly helped if the returning Filipino worker could rely on OFW benefits coupled with a loan Philippines’ online platform BlendPH could provide.
Whether for returning workers who no longer have work contracts abroad, for those still abroad, or for workers who are about to leave but want to leave behind an income-generating stream for their families in the Philippines, forms of financial assistance for OFWs are often well appreciated. OFW heroes do get assistance from the Department of Labor through its attached agency, Overseas Workers Welfare Administration (OWWA) in the form of an OFW loan that is part of a reintegration program.
The balik pinas ph Overseas Filipino Workers – Enterprise Development and Loan Program is really a business loan that lets OFWs and their families avail of a loan at low interest rate for in order to start a business. Even OFWs still working abroad or about to be redeployed may be represented by legal spouse or parents/children who meet the age requirements.
As with most other loans, this OFW loan requires an array of documents. Alongside the financial assistance, OFWs get to be oriented on finance and business management. The latter can come in very handy, especially for those who are planning to kickstart a franchise venture or other viable projects, such as a rental business or service-oriented endeavor.
As of mid-August 2021, OWWA assistance for OFW workers, particularly parts of Region 12 (Soccsksargen) displaced because of the Covid-19 pandemic, included travel facilitation and financial assistance – one-time cash grants of 10,000 pesos each. There have also been re-skilling and programs for education or OWWA training for livelihood projects. OWWA assistance for OFW may also be in the form of OWWA rebate, so the Filipino worker should have been active in paying his/her OWWA contribution.
Meantime, OWWA assistance for seafarer Pinoys has included scholarship grants and includes training assistance reaching a maximum of 7,500 pesos upon initial availment, and it can be re-availed by qualified OWWA members. Such OWWA benefits for seafarers can be supplemented by the advantages of a seafarer loan from a reliable peer-to-peer funding platform like BlendPH. Specifically intended for sea-based OFWs, the seafarer loan can serve as funding for expenses prior to a seafarer’s departure or can serve his/her family’s needs. The advantage of taking out a loan from the P2P platform is quick processing time plus just a handful of documentary requirements, including the seaman’s unexpired book, contract with POEA stamp and overseas employment certificate, apart from government-issued ID and allottee form contract.
In the Service of the OFW
Availing an OFW loan online used to have hindrances or setbacks. Yet remittances from both young and older OFWs serving as breadwinners by toiling abroad have raised living standards of their families in their host countries. Oftentimes, remittances are spent on investments in physical assets like residential properties, as well as education of the OFWs kids and relatives, which eventually help stimulate economic growth.
Academician Maria Elissa Lao, part of Ateneo de Manila University’s working group on migration, said that as the pandemic moved into its second year, many concerns of OFWs persisted. The OFWs’ concerns include fears of being stranded in their host countries, and for those who have remained abroad, uneasiness about encountering difficulties in finding a new job once they return to the Philippines. These fears can be alleviated with funds that can go into starting a business or other long-term income-generating projects obtainable through a loan Philippines’ leading P2P platform can provide.
In terms of housing, there is the Social Security System or SSS OFW loan called the Direct Housing Loan Facility for Overseas Filipino Workers. However, those who are awaiting job contract renewal/deployment will only see their loan released upon renewal/employment.
The reality is that many OFWs have returned to their homeland for good. When securing an OFW loan becomes elusive, financial assistance can be obtained through alternative channels.
Expanded Product Range
Though credit assistance may be facilitated by OWWA-bank tie-ups, such as the Landbank OFW loan to give small to medium-scale entrepreneurs the funding support they need to start a business venture, and while private banks may have their personal loan offerings, an OFW loan online via a trusted funding platform ensures that in a jiffy, funding a “dream business” will be easy and hassle-free.
OFWs in need of extra cash or business startup loan can now get qualified for a BlendPH personal loan –a non-collateral loan that follows a streamlined application process – provided that the OFW loan applicant has a relative who is a business owner or is a regular employee in the country.
Interest rate on the personal loan depends on risk type. The risk categories are based on things like the requested amount, income, and credit history. flexible payment terms to fund business, travel, and education. An OFW loan online, though a P2P platform like BlendPH, can get the ball rolling for aspiring small business owners. In terms of loan amount, the maximum that can be obtained is just about the same as that of an OWWA business loan – up to two million pesos. When OFW benefits seem few or far between, some help — to ease the unemployment experienced by OFWs due to the continuing pandemic — can be facilitated by alternative financing.
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