More OFWs opting to go into business

Manila, Philippines -  More overseas Filipino workers are opting to return home for good and put up their own business in the country, the Department of Labor and Employment (DOLE) reported yesterday.

Labor Secretary Rosalinda Baldoz said close to 500 OFWs have put up their own enterprises over a year since the government launched a P2-billion reintegration program.

Baldoz said that the Land Bank of the Philippines, which is the Overseas Workers Welfare Administration (OWWA’s) partner in the program, has already approved 410 loan applications

“The total loan amount has already reached P261,707,063.20,” Baldoz said, citing the OWWA’s update report.

Majority or 71 percent the borrower-beneficiaries, were males while only 29 percent, were females.

Many of the OFW-borrowers also came from the CALABARZON region, followed by Central Luzon and then Western Visayas and Bicol Region.

According to Baldoz, the business ventures funded by the loans generated 1,458 jobs.

Most borrowers engaged in food production, trading business, agri-business, and services.

The loan program is managed by the Land Bank of the Philippines and carries an annual rate of 7.5 percent in declining balance with a flexible payment scheme maximum of 5 years and an incentive grace period of two years. A borrower can borrow a maximum of P2 million.

Baldoz said the government hopes to turn more overseas Filipino workers (OFWs) into becoming successful entrepreneurs.

“We want our OFWs to be their own boss by investing on livelihood projects and considering entrepreneurial opportunities through the assistance of the government’s strengthened reintegration program,”  Baldoz said.

She stressed that there are better long-term opportunities for OFWs beyond overseas work.