MANILA, Philippines - The House of Representatives has approved on third and final reading a bill establishing a credit assistance program for overseas Filipino workers (OFWs). The committee on overseas workers affairs, chaired by Akbayan Rep. Walden Bello, endorsed Bill 4985, known as Overseas Workers Credit Assistance Act. “The bill mandates that 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, documentation costs and plane tickets,” Bello said. He said a relative of the worker could be a co-borrower. He said the loan would carry an annual interest rate of not more than six percent and would be payable in 12 monthly installments. abs-cbnnews/global-filipino/11/03/14/house-okays-credit-program-ofws
Posted on: Tue, 04 Nov 2014 09:00:05 +0000
Trending Topics
Recently Viewed Topics
© 2015