PNS — THE Overseas Workers Welfare Administration has proposed a P50-thousand credit line be made available for each returning Filipino worker.
OWWA chief Carmelita S. Dimzon said that a priority bill has been sent to Congress for the funding of the credit line which will provide a soft loan and credit assistance package for returning workers who are prone to the effects of the global financial crisis.
Last Wednesday, OWWA reported to the Overseas Workers Affairs committee of the House of Representatives that it has loaned a total of P 205 million last year to 4,474 OFWs needing the loan to augment their livelihood.
The OWWA Administrator said that the soft loans were given to OFWs who were laid off to help them restart their livelihood over again.
To qualify for the loans, the borrowers have to attend short courses on financial literacy, small scale manufacturing and product retailing sponsored by the welfare administration.
Dimzon said that she had found success stories in the re-integration of dispossessed families back to society making them productive members of their communities because of the soft loans.
The soft loans entail only an interest of five percent payable in two years with a three-month grace period before the first intallment gets paid.
Dimzon said she had briefed Congress in 2009 lobbying for the passage of this bill and similar bills have already been filed by congressmen Juan Edgardo Angara, August Syjuco Jr., and Ignacio Arroyo, Jr.
House Committee chair manparty-list Rep. Walden F. Bello said there have been a significant number of displaced worekrs returning home and the government can source funding from the sale of government-owned corporations and other assets.