Philippine government has set aside P2 billion in business loans
Under Philippine’s re-integration program for migrant workers, the Philippine government has set aside P2 billion in business loans. It is for including those who may be displaced by a new policy being enforced by Saudi Arabia. Saudi Arabia is one of the richest markets for Filipino manpower. Administrator Carlos Cao of the Philippine Overseas Employment Administration disclosed this program on Wednesday at the weekly forum Balitaan sa Aloha Hotel.
The program sets the loanable amount per borrower to P2 million from P300, 000, collateral-free. Borrower will pay through either of the state banks, the Development Bank of the Philippines or the Land Bank of the Philippines with an interest rate of 7.5 percent per year. The borrower will be guided by the government and will undergo training on basic production, financial literacy, marketing, book-keeping and accounting, Cao said. The program has a micro-financing aspect to help the migrant workers shift to doing livelihood projects such as handicrafts and others.
The government is looking for other job markets, Nicon Fameronag, Labor Communications officer said. For referrals in terms of job opportunities in other countries, the foreign chambers of commerce are being asked. To ensure those who stand to lose their job due to Saudization can transfer to other companies, Philippine labor officials in Saudi Arabia have been directed to make representation with the employers, Saudi Ministry of Labor, and other stakeholders.