THE Department of Trade and Industry (DTI) has launched a P2-billion business fund for overseas Filipino workers (OFWs) to help mitigate the impact of sudden work displacements like the ongoing war on Iran.
“The fund anticipates the real-world contingencies OFWs face, from abrupt returns due to geopolitical tensions to the hurdles of starting enterprises after years abroad,” the DTI said in a statement on Thursday.
“By converting remittances into productive investments, it creates jobs, stimulates local growth, and honors the vital contributions of our modern-day heroes,” it added.
Funding will come from the DTI’s Small Business Corp. and OFWs can start availing of loans ranging from P30,000 to P20 million beginning March 12, the DTI said.
The payment period is up to five years and capital and interest do not have to be paid during the first year for eligible products. Collateral will also be waived for loans up to P5 million.
“We are committed to opening doors for OFWs ready to come home and invest in their own country, especially when external crises force their hand,” Trade Secretary Cristina Roque said.
“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,” she added.
OFWs can apply for loans via the DTI-SBCorp. Money App or app.sbcorp.ph., the DTI said.