(NAR) VOL. 5 NO. 3 / JULY - SEPTEMBER 1994
I
Coverage
The loan shall be extended to all overseas contract workers evacuated from Yemen, provided that he/she has no outstanding loan with OWWA.
II
Loanable Amount
The Maximum amount a client can borrow under this Program is Three Thousand (P3,000.00) Pesos.
III
Terms and Conditions
The loan shall bear an interest rate of eight percent (8%) per annum. It shall be repayable within one (1) year in six equal monthly installments with a six-months grace period from date of loan release. The first installment starts on the seventh month until the loan is fully paid.
IV
Default
Failure to pay two (2) consecutive installments as they become due shall render the entire obligation due and demandable.
V
Requirements
1. Passport of OCW bearing name, picture with date of arrival or travel document;
2. Co-maker's certificate of employment indicating basic salary, position and length of service plus company ID with signature of co-maker or latest ITR and Tax Withheld Certificate.
To qualify, a co-maker must have a monthly salary of not less than P2,500.00 and had not previously acted as guarantor of a delinquent borrower.
VI
Effectivity
This MOI shall take effect immediately.
Adopted: 1 June 1994
(Sgd.) DAVID P. CORPIN
Administrator