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OF-ReD project empowers women entrepreneurs, OFWs

Posted on February 3, 2015

LAOAG CITY, Feb. 3 (PNA) — The lack of capital to start up a business is challenging for a struggling entrepreneur or an Overseas Filipino Worker who may wish to stay in the country given the right mix of capital investment and establish a new business here instead.

Ilocos Norte, as one of highest number of Ilocano immigrants, mostly based in Hawaii and California, has the answer with a fund raising program committed to provide livelihood assistance and help out women entrepreneurs and OFWs to build a future back home.

The fund-raising campaign, dubbed as, “Ti pudno nga Ilokano tumulong iti pada nga Ilokano )A real Ilokano helps each fellow Ilokano)” aims to support policies that transform overseas remittances for development, savings and investments, and build a viable collective remittance fund .

In support of the Overseas Filipinos Remittance for Development (OF-Red): Building a future back home, the Ilocos Norte government, in partnership with the Commission on Filipinos Overseas (CFO), and the Cooperative Bank of Ilocos Norte (CBIN) signed a memorandum of agreement on August 2012 to match the fund that raised Php 3 million.

The Php 3-million fund is designed to financially support OFs-based and initiated entrepreneurship projects to generate local employment, sustain and increase family income and contribute to the local economic development.

Women applicants are also favored as part of OFs-ReD gender dimension with a special interest rate of 12 percent per annum or one percent per month.

With an additional 1 million raised for this project, each qualified applicant may avail of Php 15, 000 up to a maximum of Php 500,000 to start up or expand an existing business here.

For three consecutive years now, the inter-agency government network backed by the United Nations Development Program (UNDP) and the Western Union Foundation help put up the collective remittance fund meant to provide loan package for interested applicants.

Records from the Gender and Development Office of the provincial government shows more than 12 applicants who were granted with a package loan used in hog breeding and meat processing, retail and direct selling, rice and vegetable trading and production of off-season dragon fruit through extended day-light technology.

Governor Imee R. Marcos keeps on urging all Ilocanos to avail of these government programs meant to create more jobs and local livelihood. (PNA)

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