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Information on financial and communication services for Overseas Filipino Workers and their families

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OWWA’s OFW Loan Suspended Due to Poor Repayment

Posted in May 23rd, 2008
by ka edong in Loans

Didn’t we expect this?
The government is not an effective administrator of loans because borrowers have a tendency to believe that borrowers are “entitled” to *not* re-pay the loan. This is discussed in more detail in a previous article explaining why government should leave loans administration to private or semi-private companies.
The article below and the comments [...]

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House panel OKs bill creating loan facility for OFWs

Posted in May 1st, 2008
by ka edong in Loans

They did it. The government created a loan facility for OFWs. Sounds like good news, doesn’t it? I sure hope it DOES turn out well.
In a previous article, I shared a few of my misgivings about a government-led loan facility. Bottom-line: it usually doesn’t work. And the failure of the previous program (this current program [...]

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Lawmaker pushes loan program for OFWs

Posted in April 23rd, 2008
by ka edong in Loans

A news article on GMANews.TV speaks of a lawmaker wanting to resurrect a government-administered loan program that had failed in the past. What a terrible idea!
MANILA, Philippines - A congressman pushed on Tuesday for the enactment of a bill that seeks to institutionalize a credit program for overseas workers, replacing a P100-million loan facility that [...]

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Auto loans to OFWs rising: Good News or Bad News?

Posted in April 15th, 2008
by ka edong in Loans

More auto loans are being given to OFWs the past two years, the PSBank President says. Is that good or bad for the OFW Family?
There are two sides to it. And it all boils down to what is called good debt and bad debt.
Let me give you a glimpse of the news article from Inquirer.net [...]

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OFW Loan, Seaman Loan by Global Dominion

Posted in March 4th, 2008
by ka edong in Loans

I saw this poster at a bus stop on the way to Baguio. It’s a niche OFW loan specially packaged for OFWs, Seamen or their beneficiaries. The name of the company caught my attention: “Global Dominion”. Crafty!
Here are the details of the OFW Loan:
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OFW loans from Credit24 Finance Company

Posted in February 8th, 2008
by ka edong in Loans

I was at an eBiz branch and picked-up a flyer screaming “OFW ka ba? Pwede kang humiram ng P20,000! Apply na!”
It’s a loan service by Credit24 Finance Company, Inc.
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