MANILA — In response to global crises affecting overseas Filipino workers, the Department of Trade and Industry (DTI) has allocated PHP2 billion for the OFW Negosyo Fund, a program that allows OFWs to start their own businesses.
Eligible workers may borrow between PHP30,000 and PHP20 million, with repayment plans up to five years. The first year is free from principal and interest payments for qualified loans, and loans under PHP5 million do not require collateral, the DTI said Thursday.
“The lack of accessible capital is a major hurdle for OFWs during times of uncertainty. Through this initiative, we aim to empower them to create businesses, employ staff, and provide stability for their families,” DTI Secretary Cristina Roque explained.
The program will be overseen by DTI-SBCorp and begins accepting applications on March 12. Interested OFWs can apply at any DTI Negosyo Center, via the DTI-SBCorp Money App (Google Play, Huawei AppGallery, or at app.sbcorp.ph), or through sbcorp.gov.ph.
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