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Landbank released P1.89B in OFW loans

We understand the financial difficulties being faced by many OFW due to the ongoing pandemic that has affected overseas deployments

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State-owned Land Bank of the Philippines (LBP) has approved a total of P1.89 billion worth of loans for overseas Filipino workers (OFW), the bank disclosed over the weekend.

Under its OFW reintegration program or OFW-RP, the extended credit benefited 1,297 borrowers with P1.84 billion of the overall stock released as of end-May 2021.

“We understand the financial difficulties being faced by many OFW due to the ongoing pandemic that has affected overseas deployments. Through the (OFW-RP), LBP is closely working with OWWA (Overseas Workers Welfare Administration) in supporting OFW to acquire their own businesses as an alternative source of income,” LBP president and CEO Cecilia Borromeo explained.

Under the loan facility, eligible OFW may avail of loans for working capital or acquisition of fixed assets at a minimum amount of P100,000 and up to P2 million for a single proprietor borrower while a group of OFW borrowers may borrow up to P5 million with a fixed interest rate of 7.5 percent per annum.

Subsidies provided

Still, the bank underscored other measures it undertook to further assist OFW such as the facilitation of the efficient delivery of the social amelioration programs of the Department of Labor and Employment (DoLE).

“As of 28 May 2021, LBP has transferred a total of P3.06 billion to DoLE’s regional accounts for distribution to beneficiaries under the Department’s Abot Kamay ang Pagtulong for OFW program and the Tabang OFW program,” it said.
The bank cited its wholly owned subsidiary, the Overseas Filipino Bank (OFBank), to have onboarded a total of 37,199 accounts, and aims to provide a safe, convenient and responsive banking experience to both OFW and their beneficiaries.

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