To recognize their contribution to the country’s economy, Senator Lito Lapid is pushing for the establishment of a credit assistance program for Overseas Filipino Workers (OFWs).
Lapid filed Senate Bill No. (SBN) 2390, or An Act Establishing a Credit Assistance Program for Overseas Filipino Workers, which allows qualified OFWs to avail themselves of a loan up to P50,000 from the Overseas Worker and Welfare Administration (OWWA).
This is to defray the living expenses of their families during the first three months of absences, as well as recruitment expenses, including placement fees, documentation costs and plane tickets.
Under the bill, the loan shall be paid in 12 equal monthly installments or more but not exceeding 24 months at a preferred interest rate not to exceed six percent per annum.
“It is not enough that we acknowledge that contributions of OFWs to the country.”
“It is not enough that we acknowledge the contributions of OFWs to the country. Words without corresponding action are nothing. In recognizing their immense role in our economy, we must respond to their needs to repay their sacrifices,” the veteran legislator said.
“It cannot be overly stressed how important the role OFWs play in the shaping of the country’s economy,” the seasoned lawmaker stressed, noting that cash remittances from OFWs cash remittances from OFWs hit record high in 2021, while the world was reeling from the effects of COVID-19 pandemic.
“Cash remittances coursed through banks rose by 5.1% to $31,418 billion in 2021 from $29,903 billion in 2020.”
Records from the Bangko Sentral ng Pilipinas (BSP) showed that cash remittances coursed through banks rose by 5.1 percent to $31,418 billion in 2021 from $29,903 billion in 2020.
“For this reason, the least that we can do to repay them is to craft programs that would allow access to services more easily and without the rigorous processes which are laden with bureaucratic runarounds,” the senator concluded.
