Senator Lito Lapid is advocating for the passage of Senate Bill No. 2390.
The proposed legislation aims to establish a Credit Assistance Program that would allow qualified OFWs to borrow up to P50,000 from the Overseas Worker and Welfare Administration (OWWA).
Lapid emphasized the crucial role that OFWs play in the Philippine economy, stating, “It is not enough that we acknowledge the contributions of OFWs to the country. Word without corresponding action is nothing. In recognizing their immense role in our economy, we must respond to their needs to repay their sacrifices.”
The senator pointed out that the credit assistance will provide crucial financial support to OFWs’ families, covering living expenses for the first three months of the worker’s absence.
The bill specifies that the borrowed amount must be repaid in 12 equal monthly installments, though repayment can be extended to a maximum of 24 months.
Lapid criticized the current bureaucratic hurdles OFWs face when trying to access services.
“For this reason, the least that we can do to repay them is to craft programs that would allow access to services more easily and without the rigorous processes which are laden with bureaucratic runarounds,” he said.
