(NAR) VOL. 5 NO. 3 / JULY - SEPTEMBER 1994

[ OWWA MEMORANDUM OF INSTRUCTIONS NO. 007, s 1994, June 01, 1994 ]

SPECIAL LOAN ASSISTANCE FOR OCW EVACUEES FROM YEMEN



In line with OWWA's mandate to provide welfare assistance to overseas contract workers (OCWs) affected by the civil war in Yemen and pursuant to the approved Board Resolution No. 194, dated May 23, 1994, the following guidelines are hereby promulgated for the purpose of providing special loan assistance to OCW evacuees from Yemen:

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



Source: Supreme Court E-Library
This page was dynamically generated
by the E-Library Content Management System (E-LibCMS)