UAE Filipinos, you can get Dh150,000 to start a business

Filipino expats! Are you thinking of packing your bags and heading back home? Maybe you've already saved up a bit and are ready to leave the expat life behind to explore opportunities back in the homeland.

It's many a kabayan's dream to go back and start their own business. Yet, this seems like a pipe dream, considering the costs of setting up even a simple storefront. However, the Philippines government is now doling out some massive help to expats who wish to set up shop on home shores.

According to a letter submitted by the daughter of a Saudi-based expat, the Overseas Workers Welfare Administration (Owwa) has a programme which allows Filipino expats to apply for a loan up to a maximum amount of two million pesos (Dh150,000) in order to get a business started. This was brought to light by Owwa's deputy commissioner, Joselito Torres, who answered the letter submitted to the local news network Bandera.

The loan is only the beginning of good news. Torres added that the government will also help Filipino expats with their business venture to make it profitable and successful.

A report from the Filipino Times meanwhile outlines the requirements from nationals in order to avail of the loan. In order to be eligible, the applicant must have:

    * Owwa certification that borrower is a bonafide overseas worker, and has completed Enterprise Development Training

    * A business plan on the specific project that will generate income for the Overseas Filipino Worker (OFW) and his/her family

    * With a contract growing agreement, purchase order or service contract, if applicable

    * Certificate of Registration with DTI

    * Biodata of applicant

    * Mayor's permit

    * Income Tax Return (last 3 years), if applicable

    * Financial Statements (last 3 years, BIR-filed), if applicable

    * Latest Interim Financial Statement, if applicable

    * Statement of Assets and Liabilities

Once these requirements are fulfilled, the prospective entrepreneur can simply visit the nearest Owwa office to undergo an orientation session about the loan.

- keith@khaleejtimes.com

Source: Khaleej Times