Bacoor Rep. Lani Mercado-Revilla has pushed for the establishment of a credit assistance program for overseas Filipino workers (OFWs) through House Bill (HB) 3378.
The bill aims to save the OFWs from indebtedness and predatory practices by recruitment agencies before they leave the country in search of a better life. This will be an additional incentive for our fellow Filipinos who are enduring their situation abroad just to provide a good quality living for their loved ones.
In 2021, they hit an all-time high of $31.4 billion, which accounted for 8.9 percent of the country’s gross domestic product.
Under the proposal, an OFW with a valid contract may avail of a loan of up to P50,000 from the Overseas Workers Welfare Administration to defray the living expenses of the OFW’s family in the few months of his/her absence, as well as other expenses incurred in the processing of the OFW’s employment.
The loan shall be paid in 12 equal monthly installments or more, but not exceeding 24 months at a preferred interest rate not to exceed six percent per annum.
HB 3378 is co-authored by Rep. Ramon “Jolo” Revilla 3rd of the first district of Cavite and Agimat party-list Rep. Bryan Revilla.
With additional report: The Manila Times, Dennis Abrina