At this point, you know what an OWWA Loan is, how it aims to help Filipino migrant workers build a sustainable life in the Philippines, and the requirements you need to accomplish to process your loan application.
Here’s the next question: Are you an eligible borrower?
Apparently, being a migrant worker is not enough so you could avail of the benefits of OWWA Loan. Apart from the requirements you need to submit, the borrower itself – and that means you – must also fulfill the requirements provided for by OWWA.
How will you know if you are an eligible borrower? You must be a certified OWWA member, whether active or non-active. You must be able to prove such by presenting POEA-attested employment certificate, passport with POEA-LAC stamp, or your E-card. Consequently, you must also complete the Enterprise Development Training (EDT) before you can be allowed to avail of this loan facility. You can learn more about EDT here.
Let’s say you want to apply for OWWA Loan, but you are working abroad. The good news is you can still apply as long as you are represented by any of the following:
- If Married – Your legal spouse.
- If Single, Separated-in-Fact, or Widower – Your parents who are not older than 60 years old upon maturity of the loan or your child/ren at least 18 years at the time of availment of OWWA loan.
Another cause of concern is the age of the borrower. If you or your attorney-in-fact (a person you authorized to perform business-related transactions in your behalf by virtue of a power of attorney) will be more than 60 years old at the time of loan maturity, you will be required to have a co-maker. Your co-maker can be your children at least 18 years of age or your sibling.
Keep in mind that if you plan to start your business venture, you can avail of OWWA Loan within three years from your date of arrival in the Philippines. The three-year rule will not apply if you have an ongoing business already.
With these requirements, are you an eligible borrower? Make sure you are to make the processing of your loan easier and hassle-free.