Pre-departure loan for OFWs suspended - DOLE

MANILA, Philippines - A loan assistance package for departing overseas Filipino workers (OFWs) was discontinued after two government banks incurred combined losses worth P38 million. In an interview, Labor Secretary Marianito Roque confirmed the suspension of a P40,000 loan to assist departing OFWs in paying their placement fees. The loans were provided through a partnership between the Landbank of the Philippines, the Development Bank of the Philippines, and the Overseas Workers Welfare Administration (OWWA). The two government-led banks intend to collect on their payments, Roque said, adding that the OWWA has acted as guarantor for these loans. “I decided to suspend it kasi nga puro utang walang nagbabayad so nalulugi kami," Roque said in an earlier interview. Roque said the agency allotted P100 million for the pre-departure loan program. However, he decided to suspend the arrangement when no payments were made from the borrowers. - GMANews.TV