The House of Representatives has approved on third and final reading a bill granting credit assistance to overseas Filipino workers (OFWs).
MANILA, Philippines – Known as the “Overseas Workers Credit Assistance Act of 2011,” House Bill (HB) No. 4539 provides that the Overseas Worker and Welfare Administration (OWWA) shall provide a loan of not more than P50,000 to OFWs to finance their recruitment expenses as well as the expenses of their families during the first months of their absence.
The bill also provides that those who could avail themselves of the credit assistance program should have a valid employment contract processed through a licensed recruitment agency accredited by the Philippine Overseas Employment Administration (POEA).
Aurora Rep. Juan Edgardo Angara, author of the bill, said the passage of bill “is in recognition of the million and one sacrifices that they have to endure in the search for social and economic redemption which they have failed to achieve at home.”
Another author, Iloilo Rep. Augusto Syjuco, reminded that it is the government’s obligation to look after the welfare and rights of the OFWs.
“The State shall promote the welfare and interests of the migrant workers and their families. It is the declared policy of the State to protect the interest of the overseas workers by providing them access to credit facilities even before their departure,” he said.
Meanwhile, the House Committeeon Banking and Finance has ordered the Philippine Deposit Insurance Corp. (PDIC), the statutory receiver of Banco Filipino, to prepare and submit to the panel a valuation of all the assets of the bank on or before June 7.
The committee said the PDIC should exhaust all means to rehabilitate the bank rather than liquidate it.
Banco Filipino officials have presented the valuation summary of the bank or the fair market value of some of its big assets, as appraised by a renowned real estate appraiser accredited by the Bangko Sentral ng Pilipinas (BSP).
The report showed that Banco Filipino has P42 billion in assets, much bigger than its estimated P19 billion in liabilities.
Meanwhile, the committee expressed alarm that Banco Filipino employees were terminated even without the PDIC’s submission of an evaluation of the status of the bank to the Monetary Board.
MANILA, Philippines – Known as the “Overseas Workers Credit Assistance Act of 2011,” House Bill (HB) No. 4539 provides that the Overseas Worker and Welfare Administration (OWWA) shall provide a loan of not more than P50,000 to OFWs to finance their recruitment expenses as well as the expenses of their families during the first months of their absence.
The bill also provides that those who could avail themselves of the credit assistance program should have a valid employment contract processed through a licensed recruitment agency accredited by the Philippine Overseas Employment Administration (POEA).
Aurora Rep. Juan Edgardo Angara, author of the bill, said the passage of bill “is in recognition of the million and one sacrifices that they have to endure in the search for social and economic redemption which they have failed to achieve at home.”
Another author, Iloilo Rep. Augusto Syjuco, reminded that it is the government’s obligation to look after the welfare and rights of the OFWs.
“The State shall promote the welfare and interests of the migrant workers and their families. It is the declared policy of the State to protect the interest of the overseas workers by providing them access to credit facilities even before their departure,” he said.
Meanwhile, the House Committeeon Banking and Finance has ordered the Philippine Deposit Insurance Corp. (PDIC), the statutory receiver of Banco Filipino, to prepare and submit to the panel a valuation of all the assets of the bank on or before June 7.
The committee said the PDIC should exhaust all means to rehabilitate the bank rather than liquidate it.
Banco Filipino officials have presented the valuation summary of the bank or the fair market value of some of its big assets, as appraised by a renowned real estate appraiser accredited by the Bangko Sentral ng Pilipinas (BSP).
The report showed that Banco Filipino has P42 billion in assets, much bigger than its estimated P19 billion in liabilities.
Meanwhile, the committee expressed alarm that Banco Filipino employees were terminated even without the PDIC’s submission of an evaluation of the status of the bank to the Monetary Board.
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