OWWA XII gives out P1.5M loans to retrenched workers

April 18, 2009 1:59 am 

GENERAL SANTOS CITY, April 17 – The Overseas Workers Welfare Administration (OWWA) said on Friday that some 30 workers who were retrenched from their jobs abroad were given loans amounting to about P1.5 million.

OWWA Region XII director Abdulghani Umag said the workers have since returned to their homes in Region XII after their employers downsized their workforce due to the ongoing global economic crisis.

The OWWA official said the loan recipients represent an initial number of workers who availed of OWWA livelihood loan packages amounting to P50,000 each. The loan is payable in two years time.

Umag said their office specifically gives out loans to overseas workers in need and can use the amount to start a business. The loan is collateral-free, and payable with a very minimal interest rate.

The loan program is part of President Gloria Macapagal-Arroyo's Comprehensive Livelihood and Emergency Employment Program, of which the OWWA allocated some P100 million to be given as loans to workers.

As part of loan requirements, borrowers undergo training on basic business management and skills acquisition training on their chosen livelihood.

The training is provided by by the Technical Education Skills and Development Authority and the Department of Trade and Industry.

OWWA XII is currently processing two more batches of loan recipients.(PNA)

LAP/vcs/RGR/

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