Displaced OFWs are encouraged to avail DTI’s PHP100 million loan program

The Department of Trade and Industry (DTI) urged overseas Filipino workers (OFW) who were displaced by the COVID-19 pandemic to avail of their entrepreneurship programs and start their own small business.

DTI said a loan program is available for OFWs who want to start their business through DTI-attached agency Small Business Corporation (SB Corp).

SB Corp Head for Capacity Building group, Josefina Flores admitted, they’ve only been able to approve 205 loans worth P11.8 million or just a little over a tenth of the P100 million budget of the program since it started in July last year.

“Hindi po kami talaga masaya masyado dito sa update na ito kasi po pag binase natin sa registration ng mga arrivals ng ating mga kababayan galing abroad, napaka taas, by the thousands ‘yung dumating everyday,” Flores said.

Trade Secretary Ramon Lopez they’re ready to assist entrepreneurs to avail of programs from other government agencies like the Department of Agriculture for agribusiness and the startup program of the Department of Science and Technology.

He noted that online businesses as well as those in the logistics and delivery industry have boomed during the pandemic.

Under the program tagged as Helping the Economy Recover thru OFW Enterprise Start-ups (HEROES), OFWs may borrow a minimum of PHP10,000 up to a maximum of PHP100,000 free of interest and collateral. A service fee of 6% will be charged to loans with 24 months payment term and 8% for loans with 36 months payment terms (inclusive of 12 months grace period).

HOW TO APPLY

1. Complete a free 3-day online training with the Philippine Trade and Training Center (PTTC). Register at http://bit.ly/HEROESRegistrationForm
2. Upon completion of the training, prepare the following requirements for your loan application:
   • Scanned copy of passport
   • Video presentation (applicant will be given guidance on how to prepare the video during the PTTC Training)
3. Go to https://brs.sbgfc.org.ph/heroes to proceed with your loan application.

For more details, aspiring OFW entrepreneurs may contact 8651-3333 or toll-free nationwide hotline 1 800 10 651 3333.