P2B budgeted for repatriated OFWs needing seed capital

THE Department of Trade and Industry (DTI) said it allocated P2 billion for overseas Filipino workers (OFWs) requiring capital to set up businesses should they need repatriation as a result of the escalating crisis in the Persian Gulf.

OFWs can start tapping the OFW Negosyo Fund starting March 12, the DTI said in a statement on Thursday.

“We are committed to opening doors for OFWs ready to come home and invest in their own country, especially when external crises force their hand,” Trade Secretary Ma. Cristina A Roque said.

“Through the Small Business Corp. (SBCorp.), we’ve tailored this fund to equip them with the resources to build, hire, and secure their families’ futures,” Ms. Roque added.

“The fund anticipates the real-world contingencies OFWs face, from abrupt returns due to geopolitical tensions to the hurdles of starting enterprises after years abroad,” the DTI said.

The Department of Migrant Workers said it received 1,900 repatriation requests from OFWs due to safety concerns in the region following the attacks on Iran, Migrant Workers Secretary Hans Leo J. Cacdac told senators on Thursday.

The OFW Negosyo Fund offers loans of between P30,000 and P20 million to qualified borrowers, with a one year grace period for payment over up to five years.

The collateral requirement is  waived for loans of up to P5 million.

OFWs can apply for a loan via the SBCorp. Money App or its website, app.sbcorp.ph.

Online registration for the loan facility can also be done through sbcorp.gov.ph.

Individuals can also visit any of the 1,431 Negosyo Centers nationwide for assistance. — Beatriz Marie D. Cruz