The Department of Trade and Industry (DTI) has allocated PHP2 billion to help overseas Filipino workers (OFWs) start businesses.
Under the DTI’s OFW Negosyo Fund program, OFWs may avail loans from PHP30,000 to PHP20 million, with terms of up to five years.
Payment of principal and interest is waived for the first year on eligible products, and loans up to PHP5 million require no collateral, the DTI said in a news release Thursday.
The program, aimed at ensuring OFW resiliency amid uncertainties, will be managed by DTI-Small Business Corporation (SBCorp) and will start on March 12.
“Access to capital is often the biggest barrier during these uncertain transitions. Through DTI-SBCorp, we’ve tailored this fund to equip them with the resources to build, hire, and secure their families’ futures — no matter the circumstances,” DTI Secretary Cristina Roque said.
Interested OFWs may apply through 1,431 DTI Negosyo Centers nationwide; the DTI-SBCorp Money App (Google Play, Huawei AppGallery, or web app at app.sbcorp.ph); or the website sbcorp.gov.ph. (PNA)
