Friday, August 19, 2022

POEA: OFWs Must Not Use Passport As Loan Collateral

More OFW Updates

Filipinos working abroad have been advised not to use their passports as collateral for financial loans and other obligations.

The Philippine Overseas Employment Administration (POEA) on Thursday made the reminder as it cited Foreign Service Circular Np. 214-99 issued on August 19, 1999 that passports used as collaterals are automatically cancelled “upon notice by passport holders.”

“Philippine passports reported held as guarantee or collateral for loans/obligations are automatically cancelled upon notice by the passport holders,” the POEA said adding that the cancellation of the said travel documents render them invalid as guarantee for payment of loans.

Philippine passports cannot be used as guarantee or loan collateral because they are the property of the government.

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