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PGIN supports overseas Filipinos thru loan assistance

by PGIN-CMO

Jul. 17, 2020 ...

The Provincial Government of Ilocos Norte's (PGIN) Sustainable Development Center (SDC) continues to provide loan assistance to Filipinos around the world through its Overseas Filipinos Remittances for Development (OFs-ReD) Program.

Launched in 2011, OFs-ReD is a loan assistance program of the Provincial Government, in partnership with the Migrant and Development (MnD) Council compose of the Provincial OFW Desk, Ilocos Consolidated Cooperative Bank (ICCB), Mariano Marcos State University (MMSU), and North Western University (NWU), to assist former and active OFs and migrants who own and manage a business.

"Ang loan assistance na ito ay hindi lamang para sa mga Overseas Filipino Workers (OFWs) kung 'di pati rin sa mga migrants. Kailangan na ang mga loan applicants ay may existing business at kompleto ang mga permitMaaari silang mag-submit ng requirements dito sa SDC office na isu-submit namin sa ICCB upang i-evaluate ang feasibility at qualifications ng mga applicants," SDC Officer Mr. Edwin Cariño explained.

The OFs-ReD Program was initially funded by the Western Union Foundation in New York in 2013. The budget was also supplemented by the Provincial Government and the Cooperative Bank of Ilocos Norte (CBIN).

"Kung ikukompara natin ang interest sa ibang bangko, mas maliit ang interest ng ating loan assistance na 12% per year. Wala ng iba pang charges maliban sa legal amount para sa insurance ng loan. Kung halimbawa namatay ang ating loan beneficiary, ibabayad yung insurance para sa hiniram niyang pera," Mr. Cariño further added.

Most of the previous beneficiaries of the program invested their borrowed money to further invest in businesses like cattle and hog fattening and breeding, welding and vulcanizing shop, agricultural trading, massage and parlor shop, and sari-sari store, among others.

Up to 2019, over 570 overseas Ilokanos were assisted by PGIN through its OFs-ReD Program.

For further inquiries regarding the loan assistance program, visit SDC at the Provincial Capitol Bldg. or contact Ms. Luzviminda L. Ortal at 0950-627-1667 (Smart) and 0915-787-2053 (Globe).