The Philippine government on Tuesday launched a program that allows repatriated overseas Filipino workers to borrow up to P100,000 to start a business.
Returning OFWs may avail of the loan through the “Helping the Economy Recover Through OFW Enterprise Start-up” (HEROES) of the Department of Trade and Industry’s Small Business Corporation.
Interested applicants are required to register online at the website of the Philippine Trade Training Center for the zero interest loans between P10,000 to P100,000 and has 6-8 per cent service fee depending on length of payment.
Among the other requirements for submission are filled out application form, a government issued identification card, a repatriation certification from the Overseas Workers Welfare Administration and video presentation from the applicant.
The government has allocated P100 million funding to support the program.
No less than 90,000 OFWs have returned home amidst the coronavirus pandemic, according to the Department of Foreign Affairs.