Credit assistance for OFWS sought
MANILA, Philippines — Bacoor Rep. Lani Mercado Revilla is pushing for the establishment of a credit assistance program for overseas Filipino workers (OFWs).
Revilla filed House Bill 3378, which seeks to allow OFWs with valid contracts to avail themselves of a loan of up to P50,000 from the Overseas Workers Welfare Administration to defray their expenses, including those incurred in the processing of their employment.
The loan shall be paid in 12 monthly installments or more, but not exceeding 24 months at a preferred interest rate not to exceed six percent per annum.
Revilla said the proposed measure would protect OFWs, especially those who are new hires, from indebtedness before they leave the country.
”Our OFWs resort to borrowing or a salary deduction scheme due to the high cost of recruitment and placement fees. Many are still vulnerable to illegal recruitment, contract and visa deception,” she said.
“It is high time that our government steps in and alleviates the financial burden being experienced by our modern-day heroes and help their families,” Revilla added.
HB 3378 is co-authored by Cavite first district Rep. Ramon Revilla III and Agimat party-list Rep. Bryan Revilla.
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