Development Bank of the Philippines sets up credit facility for Overseas Filipino Workers (OFW)

The state-owned Development Bank of the Philippines has set up a financing facility called the “OFW Reintegration Program” to provide loans and other financial products to overseas-based Filipinos.

The facility is aimed at pursuing the national government’s plan of providing income and investment opportunities to overseas-based Filipinos, with a medium- to long-term goal of encouraging them to eventually go back to the Philippines and stay with their families for good.

The facility offers credit to OFWs and their families to fund their business plans. The facility also offers financial products that will help the target market grow their assets.

“The DBP hopes that through the OFW Reintegration Program, we shall be able to help nurture in our overseas Filipino workers and their families a culture of savings, investment and entrepreneurship, along with the values of honesty, discipline and hard work necessary for poverty reduction and economic empowerment of our communities,” DBP president Francisco del Rosario Jr. said in a statement.

Those who can avail themselves of the DBP’s program are OFWs registered with the Overseas Workers Welfare Administration (OWWA)—with ongoing or finished employment contracts.

DBP said these workers could apply for a loan equivalent to 80 percent of the cost of a business venture and must range from P300,000 to P2 million.

Loans from the facility carry an annual interest rate of 7.5 percent, reviewable every year and payable over seven years.

“Loans may be used for construction, renovation, expansion or repair of building for use as business site; working capital for business venture; acquisition of equipment; and other business-related purposes,” DBP said.

DBP said the facility would give priority to investments involving the following industries: franchising, tourism and related industries, health care and allied industries, and agribusiness and related businesses.

Imelda Nicolas, secretary of the Commission on Filipinos Overseas (CFO), earlier said the government, through the office she heads, has started drafting a road map that would create an environment that provides sufficient investment and income opportunities to OFWs and their families with the end goal of encouraging OFWs to go back home.

She said providing more income-generating opportunities within the country was necessary to allow migrants to go back home without worrying about the financial security of their families.

 

 

 

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Philippines' Azkals National Football Team Could handle Brave Reds

THE Philippine Azkals national football team may have lost their last two tune-up games against two professional teams in Germany, but coach Hans Michael Weiss remained upbeat about their chances of beating the Sri Lanka Brave Reds on Wednesday.

“Our team is ready despite two losses against strong German professional teams. The team is tired, but we will have them in good shape for Wednesday,” Weiss wrote in his Twitter account a day after the Azkals arrived at the capital city of Colombo in Sri Lanka.

The Azkals’ popularity, though, appeared to have no boundaries as they were mobbed by fans while they were training in Duren, Germany and upon their arrival in Sri Lanka.

The first of two games in the World Cup qualifying matches between the Philippines and Sri Lanka starts this Wednesday at the Brave Reds’ own homeground—the Sugathadasa Stadium.

The Azkals and the Red Braves then complete their series on Sunday, 3 p.m., at the football pitch of the Rizal Memorial Track and Field Stadium in Manila.

In their last two tuneup matches, the Azkals bowed to second division squad FC Ingolstdat, 0-4, on Friday, and was also blanked by third division team SV Darmstadt, 0-5, last Saturday.

Overall, the Azkals won two of four test games. They beat by the same margin of 4-1 the Aachen-Duren selection and the SC Bonner under-19 squad.

Weiss said the team will review game tapes of the Brave Reds in their group stage game against Myanmar in the recent 2011 Asian Football Confederation Challenge Cup.

The Brave Reds have actually undergone some changes when Sri Lanka announced the new lineup last week, but Weiss said the Azkals will be ready for anything that their foes will bring into their match.

Wess said the tune-up games improved the cohesion of the squad, as he observed that players stayed focused and fought hard together during their two-week stay in Germany.

In their last two matches, the Azkals played without key defensive players Ray Jonsson, Stephan Schrock and Jerry Lucena, along with ailing team skipper Aly Borromeo.

Meanwhile, Sri Lanka’s coach Jang Jung expects the Brave Reds to play even better after he made some changes in the line-up

 

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