Press Release
August 30, 2023

LAPID SEEKS CREDIT ASSISTANCE FOR OFWS

To recognize their contribution to the country's economy, Sen. Lito Lapid is pushing for the establishment of 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. Word without corresponding action is nothing. In recognizing their immense role in our economy, we must respond to their needs to repay their sacrifices," Lapid said.

"It cannot be overly stressed how important the role OFWs play in the shaping of the country's economy," Lapid said, 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.

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," Lapid said.


CREDIT ASSISTANCE PROGRAM SA OFWs, ISINUSULONG NI SEN. LAPID

ISINUSULONG ni Senador Lito Lapid ang pagbibigay ng Credit Assistance Program para sa mga Overseas Filipino Workers(OFWs).

Sa Senate Bill No. 2390 na inakda ni Lapid, tinatayang higit sa 2 milyong OFWs ang nagtatrabaho sa abroad noong 2016, base sa survey ng Philippine Statistics Authority(PSA).

Base sa records ng Bangko Sentral ng Pilipinas (BSP), tumaas sa 5.1 percent ang cash remittances ng OFWs na halagang $31,418 billion noong 2021 mula sa $29,903 billion noong 2020.

Ayon kay Lapid, sobrang laki ng ambag ng mga OFWs sa ekonomiya ng bansa mula sa kanilang 'remittances' kada taon.

Dahil dito, mas makabubuti na suklian natin ang kanilang sakripisyo sa ibang bansa para sa pamilya nila.

"Mabibigyan natin ng kaukulang tulong ang mga OFWs sa pamamagitan ng CAP na magkakroon sila ng mas mabilis na access sa serbisyo at maibsan ang mahaba at matagal na proseso sa pangungutang ng pondo," diin ng Senador.

Makaka-avail ang mga OFW ng pautang na hanggang P50,000 mula sa Overseas Workers Welfare Administration(OWWA).

Ito'y upang magkaroon ng panggastos ang pamilya ng OFWs sa loob ng tatlong buwan, kabilang na rin ang bayad sa recruitment process at plane tickets.

Sa ilalim ng Lapid bill, ang utang ay pwedeng bayaran sa loob ng 12 buwang installments o higit pa pero hindi lalagpas sa 24 na buwan na may interest rate na anim na porsyento kada taon.

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