Filipino expats, are you in any way considering of packing your bags and head back home? Perhaps you’ve officially set aside a bit and are prepared to leave the expat life to search for opportunities back home.
It’s most kabayan’s dream to go back home and begin their business. However, this appears like a pipe dream, considering the expenses of setting up even a simple front store. The good news is that the Philippines’ government is currently doling out some huge assistance to expats who wish to set up shop on home shores.
As indicated by a letter submitted by the daughter of a Saudi-based expat, the Overseas Workers Welfare Administration (OWWA) has a programme which enables Filipino expats to apply for a loan up to a maximum of two million pesos (Dh150,000) in order to start a business. This was revealed by OWWA’s deputy commissioner, Joselito Torres, who addressed the letter, submitted to the local news network Bandera.
The loan is just the start of good news. Torres also mentioned that the government will likewise enable Filipino expats with their business to make it viable and successful.
In the meantime, a report from the Filipino Times outlines the requirements from nationals in order to benefit from the loan. To be qualified, the applicant must have:
- OWWA certification that borrower is a bonafide overseas worker, and has completed Enterprise Development Training
- A business plan detailing the specific project that will generate income for the Overseas Filipino Worker (OFW) and his/her family
- With a contract growing agreement, purchase order or service contract, if applicable
- Certificate of Registration with DTI
- Applicant Biodata
- Mayor’s permit
- Income Tax Return (last 3 years), if applicable
- Financial Statements (last 3 years, BIR-filed), if applicable
- Latest Interim Financial Statement, if applicable
- Statement of Assets and Liabilities
Once these requirements are satisfied, the potential entrepreneur can simply visit the OWWA office closer to them to participate in an orientation session about the loan