Congress News: HOUSE APPROVES BILL ON OFW CREDIT ASSISTANCE PROGRAM The House of Representatives has approved on third and final reading a measure establishing a credit assistance program for overseas Filipino workers (OFWs). Rep. Walden F. Bello (Party List, Akbayan), Chairman of the House Committee on Overseas Workers Affairs, said House Bill 4985, to be known as Overseas Workers Credit Assistance Act, would provide credit assistance to OFWs even before they leave the country. “An OFW can avail of a loan of not more than P50,000 from the Overseas Workers Welfare Administration (OWWA) to defray the living expenses of his or her family during the first months of absence or to pay for recruitment expenses including placement fees, documentation costs and plane tickets,” Bello said. A next-of-kin of the overseas worker-borrower should participate as co-borrower in the loan entered by the OFW and OWWA. The loan would be paid in 12 monthly installments at a preferred interest rate of not more than six percent per annum. (PRIB/jc)
Posted on: Sat, 15 Nov 2014 03:52:36 +0000
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