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Thursday, October 02, 2008

DBP Facility to Encourage Entrepreneurship Among OFWs

State-owned Development Bank of the Philippines is making available a program that will promote entrepreneurship and savings and investment activities among overseas Filipino workers and their families.

DBP president and chief executive officer Reynaldo G. David said the DBP Livelihood Loan and Savings program for OFWs will support migrant workers and their families in putting up livelihood projects or expanding their existing businesses.

“This program will encourage the entrepreneurial spirit among overseas Filipino workers and their families while teaching them the values of engaging in savings activities and maximizing investment opportunities,” David said.

He added that the program was developed in line with DBP’s commitment to further intensify assistance to the ever-growing OFW sector to uplift the socio-economic conditions of migrant workers and their families.

The facility shall be initially available to OFWs working under controlled environments such as seafarers, as well as those working in hospitals, remittance companies, and similar businesses. Applicants should have co-borrowers/specified beneficiaries who will manage the business.

Qualified beneficiaries are the spouse, children or parents of a married OFW, and the parents, siblings, nephews or nieces of a single OFW.

The program can provide loans for working capital, acquisition of machineries and equipment, franchise fees, and other project-related expenditures. The regular livelihood loan amount ranges from P10,000 up to P100,000, while the franchising loan amount is up to a maximum of P500,000.

Total loan amount to be granted shall be based on 90 percent of total project cost.

Eligible projects for the program include manufacturing, export and support industries; transportation, communication, information technology; franchising, distribution, dealership and trading; education linked to manufacturing; tourism related businesses; and agri-business.

Interested OFWs and their beneficiaries may inquire at any DBP branch or at DBP’s Remittance Center located at the DBP Head Office in Makati City.

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