Coverage and Eligibility
- Applicable only to displaced Marine Radio Officers.
- Applicant must have at least one OWWA contribution.
- Co-maker must have an annual income of at least PHP 60,000.
- Restricts loan availment to one type: either Special Livelihood Loan or Educational Loan for MROs, not both.
Documentary Requirements
- Seaman's Service Record Book.
- Proof of MRO status (Seaman's Book/Contract/Certificate of Employment).
- School registration card signed by registrar.
- Two 1" x 1" photos.
- Clearance on outstanding loan.
- Co-maker documents: payment guarantee, income tax return/withholding tax certificate or employment certificate with position, salary, service length.
- Completed application form.
- Notarized promissory note.
Application Procedure
For NCR Applicants
- Credentials evaluated by Manpower Development Division (MDD).
- Clearance secured from Accounting Division.
- Proceed to Regular Loan Programs Division (RLPD) for application issuance and evaluation.
- Supervising Officer reviews and recommends.
- RLPD Division Head approves/disapproves loan.
For Regional OWWA Units (ROU)
- Processed per existing OFW benefits procedures.
- Applicant must have no outstanding loans with OWWA.
Loan Amount, Charges, and Penalties
- Maximum loan amount: PHP 22,000 per beneficiary.
- Administrative handling charge: 4% deducted from principal.
- Penalty for late payment: 1% per month on unpaid installments.
Terms of Payment
- Payable in 10 equal monthly installments.
- Payment starts 5 months after course completion.
- Grace period of 4 months allowed.
- Failure to pay 2 consecutive installments makes the full loan amount due immediately.
Other Conditions
- Grantees must submit registration cards within one week of module start.
- If unable to finish course, repayment begins 2 months after stopping.
- No deferments allowed.
- Certificate of Completion must be submitted within 2 weeks after graduation.
Loan Releases
- Loan checks issued in the name of the enrolled school.
- Release terms governed by agreement with CHED-accredited school.
Loan Payments
- Payments made directly to OWWA through Collections Division or ROUs.
- Necessary documents attached include approved application form, school Statement of Account, and enrollment list.
Program Implementation
- Managed by Regular Loan Programs Division at NCR and relevant ROUs where MRO courses are ongoing.
Voucher and Check Signatories
- Follow existing regulations on voucher and check signatories.
Effectivity
- Program effective immediately upon adoption on August 19, 1999.