Dubai: Overseas Filipino workers (OFWs) with relatives affected by the recent floods in their home country can claim a calamity loan with a lower interest rate from the Philippines’ Home Mutual Development Fund.
This comes after recent torrential rains and typhoons pounded major parts of the northern part of the country earlier this month.
Relatives of overseas Filipino workers, living in areas under a state of calamity, can claim a calamity loan with a lowered interest rate of 5.95 per cent, down from 10.75 per cent, provided the OFW has completed a 24-month contribution to the PAG-IBIG Fund.
Migrante Middle East (M-ME), a migrant rights advocacy group, lauded the initiative that could help at least 200,000 OFW families.
The group, however, underscored that the Philippine government should institutionalise a financial assistant programme for OFWs through the Overseas Workers Welfare Administration.
“We, OFWs and our dependents, appreciate the PAG-IBIG move to allow our kin in the Philippines to apply for a calamity loan.
“The lowered interest rate is also a timely aid especially to OFW kin whose houses and properties have been flooded,” John Leonard Monterona, M-ME regional coordinator, said in an earlier statement.
Filipino expatriate Gorge Balasabas, whose family is one of over a million people affected by floods, told Gulf News he is grateful for the government’s decision.
“It will definitely be of great help for many OFW families,” he said.
Interested parties are advised to visit the PAG-IBIG website for the documentary requirements.