Living the life of an Overseas Filipino Worker or OFW is not easy. People may think that OFWs are living the life but what they don’t know is how hard it is for these people to be away from their families just to earn a living. They are experiencing emotional pain while working to send money to their families.
Thankfully, there are many government agencies and private entities which recognize that. Because of that, these agencies are committed to serving these OFWs any way they can. One of the most helpful benefits that these agencies can offer OFWs is loans. Here are some of the things you should know if you are an OFW and you need to avail of a loan.
PAGIBIG Housing Loan
Filipinos working in the country aren’t the only ones who can avail of the loan programs of PAGIBIG. In fact, many OFWs can. Become a member of PAGIBIG and enjoy its lowest rates for housing loans which are between 3% and 5.375%. These rates are applicable to loans between Php580,000 and Php6M. You need to register as a member to avail their loan programs. Incidentally, SSS also has a housing program but truth be told the PAGIBIG Housing program is better. If you interested you may read the Pag IBIG Housing Loan Monthly Amortization Table.
Overseas Workers Welfare Administration or OWWA Loan
OWWA provides its members with business loans of up to PHp2M. They even provide training programs to help their members to start a business and gain knowledge about the business they are entering. OWWA charges a fixed rate of 7.5%. It’s not easy to get this loan though. Its members have to go through a strict screening process before they can avail of the loan. Often time, they also give the loan to the member who has the most potential to grow his business. Check also the other OWWA benefits you may get as an OFW.
Auto Loan by BDO
Many OFWs dream of having their own vehicles which are one of the fruits of their labor. A lot of OFWs also like to travel with their families and getting their own cars are dreams come true. BDO can help you with getting a car loan. The bank offers a hard-to-resist auto package and OFWs can loan between Php100,000 to around 80% of the value of the vehicle. They also offer flexible loan terms and provide an easy-to-pay scheme for OFWs.
SSS Salary Loan
Are you running short on money or a family member is? You don’t need to worry because SSS offers salary loan amounting to one or two months worth of your salary. It may also depend on your MSC or Monthly Salary Credit. Aside fro SSS salary there are lot of sss benefits you can get. Read here SSS Benefits that every Filipino should know.