The Land Bank of the Philippines (LANDBANK) continues to bolster its commitment to Overseas Filipino Workers (OFWs) aiming to return home permanently and achieve financial security through the Overseas Filipino Workers Reintegration Program (OFW-RP).
IMAGE CREDIT: https://www.landbank.com
In partnership with the Overseas Workers Welfare Administration (OWWA), the OFW-RP supports OFWs in pursuing business opportunities in the Philippines as an alternative to overseas employment.
With this program tie-up, business opportunities and credit assistance are provided to OFWs so they can put up and run their own business. The same can serve as an alternative source of income for the family who used to rely on wages earned from overseas employment.
As of March 2024, LANDBANK has already approved PhP2.68 billion worth of loans for 1,504 borrowers.
Recognizing OFW contributions
“We recognize the significant contributions of our OFWs to the economy, and through this Program, we are providing them access to affordable financing and essential support services. We hope to turn their hard-earned savings abroad into thriving businesses here in the Philippines for their families and beneficiaries,” said Lynette V. Ortiz, President and CEO of LANDBANK.
Eligible OFWs can avail of loans under the OFW-RP for working capital or acquisition of fixed assets, with amounts ranging from P100,000 to P2 million for individual borrowers and up to P5 million for groups of OFW borrowers.
The loans carry a fixed interest rate of 7.5% per annum.
Meanwhile, short-term loans under the program are payable within one year, while term loans are based on cash flow and can be extended up to seven years, including a maximum of two years grace period on the principal.
Funding a wide range of viable business ventures
The OFW-RP can be used to fund a wide range of viable business ventures, including franchises, agricultural and non-agricultural production and marketing, construction projects, rental services, trading businesses, and transportation services.
Beyond providing credit access, LANDBANK also supports OFWs by facilitating the delivery of financial support under the Department of Labor and Employment’s (DOLE) social amelioration programs.
For inquiries and application assistance, interested OFWs can visit the nearest LANDBANK branch or Lending Center, or call the toll-free hotline at 1-800-1-LANDBANK (1-800-1-5263226).
LANDBANK is the largest development financial institution in the country promoting financial inclusion, digital transformation, and sustainable development to benefit Filipinos. It is present in all 82 provinces throughout the country and remains committed to providing accessible and affordable financial support to key players and industries as part of its broader thrust of serving the nation.