{"id":3253,"date":"2023-11-03T10:08:21","date_gmt":"2023-11-03T10:08:21","guid":{"rendered":"https:\/\/kabayanremit.com\/blog\/?p=3253"},"modified":"2023-11-03T10:27:06","modified_gmt":"2023-11-03T10:27:06","slug":"owwa-loan-what-it-is-and-how-to-get-it","status":"publish","type":"post","link":"https:\/\/kabayanremit.com\/blog\/finance\/owwa-loan-what-it-is-and-how-to-get-it\/","title":{"rendered":"OWWA loan: What it is and how to get it"},"content":{"rendered":"
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For overseas Filipino workers (OFWs) who plan on coming home one day, it\u2019s important that they secure their financial future in the Philippines.<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t

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They can do this by <\/span>saving<\/span><\/a> and practising proper <\/span>financial management<\/span><\/a>. But they\u2019ll also need a way to grow their wealth.<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\n\t

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To do this, some OFWs choose <\/span>to invest<\/span><\/a> with their trusted banks, while other more enterprising Filipinos add to their savings and investments by opening their own businesses.<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\n\t

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For those of you who choose the latter, keep in mind that a business needs consistent capital. While an OFW can dip into their savings at the start, they may need some help and training to keep their enterprise afloat without going broke. <\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\n\t

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This is where getting an <\/span>OWWA loan<\/span> comes in.<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n

What is the OFW-EDLP?<\/h3><\/p>\n

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Contrary to popular belief, the Philippines\u2019 <\/span>Overseas Workers Welfare Administration<\/span><\/a> (OWWA) only offers one type of loan through the OFW Enterprise Development and Loan Program (OFW-EDLP), an initiative it administers with the Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (DBP).<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\n\t

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Once called the OFW Reintegration Program, the OFW-EDLP is a way for OFWs and their loved ones to start their own businesses closer to home.<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\n\t

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By getting an <\/span>OWWA loan<\/span>, an enterprising OFW like you can get the capital to either open a business or to purchase the materials or equipment your existing business needs.<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\n\t

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This brings you one step closer to being your own boss and finally going home for good.<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n

What business can I open with an OWWA loan?
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According to OWWA, an OFW can use their <\/span>OWWA loan<\/span> to open the following:<\/span><\/p>\n