DBP launches two programs for OFWs in UAE

UNITED ARAB EMIRATES - State-owned Development Bank of the Philippines (DBP) recently launched here two programs designed to help overseas Filipino workers (OFWs) and their families in starting up or expanding their businesses.

DBP president & chief executive officer Francisco F. Del Rosario, Jr. (left) led a group of senior DBP officials in the launching of the Pangkabuhayan Para sa Pinoy (PPP-OFW) and the DBP-OFW Reintegration Program (DBP-OFWRP)  at  the  Philippine  Embassy  in  Abu Dhabi and the Philippine Overseas Labor Office in Dubai.

The  PPP-OFW  is a raffle program that grants livelihood packages and start-up  capital  to lucky OFWs who have coursed their remittances through DBP. All money transfer transactions coursed through DBP partner-institutions  overseas  automatically generate an electronic raffle ticket  that  gives  OFW-remitters  the  chance  to win livelihood packages valued at over Php5-million.

The DBP-OFW Reintegration Program is a credit facility for existing or start-up business ventures of OFWs and their families. The OFWRP is part  of  DBP¹s  program for small and medium enterprises and provides OFWs with special terms like lower interest rates, less stringent security provisions,  and a generous grace period on the payment of principal amount depending  on  project cash flows. The program is jointly implemented with the Overseas Workers Welfare Administration and the Land Bank of the Philippines with a total of Php2-billion in program loanable amount.