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Good News for OFW's

mugtech

According to the Philippine Star, a new law will be in effect soon allowing Overseas Filipino Workers to borrow up to 50,000 pesos to help them pay for their fees and airline tickets to get started overseas.  The loan, at an annual rate of less than 6% interest, would be paid off in 12 monthly installments once the worker is employed.

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Job offers in the PhilippinesSetting up a business in the PhilippinesWork in the PhilippinesWork in DavaoWork in Cebu
Fred

Sounds like there's an unemployment problem over there.
Still, it'll be a massive help to many potential °µÍø½ûÇøs.

mugtech

Currently over 3 million OFW's in the USA, 1,200,000 in Saudi Arabia, 13.5 million world wide

nyle.tw

well this is good..

James Mitchel

Good or bad I question. I remember a time that student and work loans were good. Today I see a time when people will work till they die. And all they have and worked for will go to the Government after they die to pay the debt and bankers handling fee.  Be causious here you deal with a sharp 2 edged sword is my thought.

mugtech

There was a time when domestic helpers in Hong Kong were making more than twice what public school teachers were paid in the Philippines.  The new loan should be paid off in one year, and if the worker survives the first year it is gravy after that.  I do know of some who gathered large debt trying to do this, and there are plenty of scams out there, but for many it is their only chance.

curlytops28

This quite interesting.... tell us where and how... and what is the qualification?

mugtech

curlytops28 wrote:

This quite interesting.... tell us where and how... and what is the qualification?


Sorry, I only read about it in the newspaper, did not get any details, sounds like it is not yet law.  Good luck.