According to the Philippine Star, a new law will be in effect soon allowing Overseas Filipino Workers to borrow up to 50,000 pesos to help them pay for their fees and airline tickets to get started overseas. The loan, at an annual rate of less than 6% interest, would be paid off in 12 monthly installments once the worker is employed.
Good News for OFW's
mugtech
13 November 2014 01:09:11
4347
Fred
13 November 2014 01:56:25
27487
Sounds like there's an unemployment problem over there.
Still, it'll be a massive help to many potential expats.
mugtech
13 November 2014 02:15:28
4347
Currently over 3 million OFW's in the USA, 1,200,000 in Saudi Arabia, 13.5 million world wide
nyle.tw
19 November 2014 08:38:56
5
well this is good..
James Mitchel
19 November 2014 09:36:09
211
Good or bad I question. I remember a time that student and work loans were good. Today I see a time when people will work till they die. And all they have and worked for will go to the Government after they die to pay the debt and bankers handling fee. Be causious here you deal with a sharp 2 edged sword is my thought.
mugtech
19 November 2014 10:25:08
4347
There was a time when domestic helpers in Hong Kong were making more than twice what public school teachers were paid in the Philippines. The new loan should be paid off in one year, and if the worker survives the first year it is gravy after that. I do know of some who gathered large debt trying to do this, and there are plenty of scams out there, but for many it is their only chance.
curlytops28
23 November 2014 08:17:50
5
This quite interesting.... tell us where and how... and what is the qualification?
mugtech
23 November 2014 12:52:03
4347
curlytops28 wrote:This quite interesting.... tell us where and how... and what is the qualification?
Sorry, I only read about it in the newspaper, did not get any details, sounds like it is not yet law. Good luck.
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