QuestionsQuestions (OWWA MEMORANDUM OF INSTRUCTIONS NO. 125)
It is pursuant to Board Resolution No. 109, Series of 1991, dated June 3, 1991.
It is financial assistance for newly-hired OCWs to help defray documentation expenses prior to departure.
Newly-hired OCWs with valid employment offers and confirmed departure schedules.
The OCW must have at least one recorded paid contribution to the OWWA fund.
The maximum is PHP 5,000.00, and the amount depends on the co-maker’s salary bracket (e.g., US$ 450+ corresponds to PHP 5,000; lower brackets correspond to lower amounts).
Payable within six (6) months from release, including one (1) grace period and five (5) months equal payment period.
It is interest-free if paid within the scheduled installment due dates.
An administrative handling fee of 4% is deducted from the loan proceeds.
Failure to pay two (2) consecutive installments renders the entire obligation due and demandable.
A penalty charge of 1% per month on unpaid amortization/due obligation.
The applicant must submit accomplished loan application forms plus: (1) OEC/OCW Info Sheet/contract of employment; (2) passport/seaman’s book; (3) visa/NOC/working permit/plane ticket with confirmed flight schedule; and (4) latest ITR and W-2 of the locally employed co-maker plus employment/certification documents and co-maker’s ID.
Any person except the spouse, of good moral standing and with capacity to pay.
Availment is open only to applicants with no outstanding loan account under their name, either as principal borrower or co-maker; previously contracted loans must be first liquidated.
A revolving fund of PHP 100,000.00 is appropriated and immediately transferred/placed under full responsibility of ROU-Cebu, deposited with LBP (OWWA account).
They should be remitted to ROU-VII-Cebu accordingly (by telegraphic transfers), with separate mail advice detailing dates of payment, names of accountees/payors, amount, and identification of the loan program.
It must submit a monthly report on loan releases and collections for both PDL and FAL to the Loan Programs Department not later than the 10th day following the reference month.
They are signed by the OWWA regional supervisor and counter-signed as usual by the DOLE Regional Director or authorized representative; until a designated cashier/authorized officer is named, requests for fund disbursement continue to be approved by the DOLE Regional Director or authorized representative.
Yes. It states that all previous issuances of the Secretariat inconsistent with any provisions of this MOI are deemed repealed or modified accordingly.
It takes effect immediately.