Credit assistance for OFWs pushed

BACOOR CITY, Cavite: Bacoor Rep. Lani Mercado-Revilla has pushed for the establishment of a credit assistance program for overseas Filipino workers (OFWs) through House Bill (HB) 3378.

The bill seeks to save the OFWs from indebtedness and predatory practices by recruitment agencies before they leave the country in search of a better life.

“It is high time for the government to step in and alleviate the financial burden experienced by our modern-day heroes and help their families,” Mercado-Revilla said.

She noted that while the government gains greatly from remittances of migrant workers, their families are often financially hard-up.

In 2020, total remittances sent by the OFWs reached $29.9 billion.

In 2021, they hit an all-time high of $31.4 billion, which accounted for 8.9 percent of the country’s gross domestic product.

“Our migrant workers already endure a lot of sacrifices just to be able to provide a comfortable life for their loved ones while helping to strengthen the economy. Let us strengthen our support for them by approving this measure,” Mercado-Revilla said.

Under the proposal, an OFW with a valid contract may avail of a loan of up to P50,000 from the Overseas Workers Welfare Administration to defray the living expenses of the OFW’s family in the few months of his/her absence, as well as other expenses incurred in the processing of the OFW’s employment.

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.

HB 3378 is co-authored by Rep. Ramon “Jolo” Revilla 3rd of the first district of Cavite and Agimat party-list Rep. Bryan Revilla.

Source: Credit assistance for OFWs pushed | The Manila Times