P50,000 credit for OFWs approved

P50,000 credit for OFWs approved
By CHARISSA M. LUCI
June 2, 2011, 7:12pm


MANILA, Philippines — The House of Representatives has approved on third and final reading a bill granting credit assistance to overseas Filipino workers (OFWs).

Known as the "Overseas Workers Credit Assistance Act of 2011," House Bill 4539 seeks to mandate the Overseas Worker and Welfare Administration (OWWA) to provide a loan of not more than P50,000 to OFWs to finance their recruitment expenses, as well as the expenses of their families during the first months of their absence.

Under the bill, an overseas worker should have a valid employment contract processed through a licensed recruitment agency accredited by the Philippine Overseas Employment Administration (POEA) to avail himself of the loan.

Aurora Rep. Juan Edgardo Angara, who authored the bill, said the passage of bill “is in recognition of the million and one sacrifices that they have to endure in the search for social and economic redemption which they have failed to achieve at home."

Another author, Iloilo Rep. Augusto Syjuco reminded that it is the government’s obligation to look after the welfare and rights of the OFWs.

"The State shall promote the welfare and interests of the migrant workers and their families. It is the declared policy of the State to protect the interest of the overseas workers by providing them access to credit facilities even before their departure," he said.

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