Are you qualified under the EPS Program for South Korea? You can Apply for Loan Assistance!
Good news for Filipinos OFWs bound for South Korea under the EPS Program and who are facing financial difficulties, you can now apply for LOAN Assistance!
Magastos ang mag OFW, there are tons of paper to process, lots of departure fees to pay, the need to travel to Manila for provincial base, seminar fees and such. But the good thing is that for our brothers and sisters who are hired to work as an OFW in South Korea under Employment Permits System or EPS, you can now avail of a loan assistance.
This is after DOLE-POEA and Landbank signed a MOA or Memorandum of Agreement that seeks to implement OFW Pre-Departure Loan (OPL) Facility with the aim of providing departing OFWS under the South Korea EPS program financial assistance.
The maximum amount for South Korea OPL is P52,000 which our OFWs can pay in 12 equal monthly amortizations, and with a fixed interest rate of 10 percent per annum. Di na kailangang tumakbo sa Bombay habang wala pang maipapadalang remittance sa pamilya.
Requirements to avail of South Korea EPS OFW Loan
- The OFW must be at least 21 years old.
- The OFW must be enrolled in Landbank banking programs such as Landbank Auto Save Account and Credit Life Insurance. If you are not part of these Landbank programs yet, visit the nearest Landbank and apply.
- Pay the minimal processing fee.
- Execute the OFW deed of undertaking to pay the loan.
- To enroll their Landbank account under the mandatory account requirement of HRD Korea in its computerized system for insurance benefits at the end of the worker’s stay in Korea.
SOUTH KOREA PRE-DEPARTURE EXPENSES
If you are an OFW going to South Korea under the EPS Program, these are the expected expenses that you will incur pre-departure, there could be more.
Payment for mandatory TB test – P1,028
Medical fee – P1,200
Preliminary training -P500
e-Receipt or the Overseas Employment Certificate consisting of POEA processing fee, OWWA contribution, PhilHealth premium, and Pag-IBIG contribution P5,786
South Korea Work Visa Fee – P2,250
NBI Clearance – P115
Airfare – amount not fixed, can be as low as P11,000 to P16,000 on peak season
Example of additional expense: If you are from say Bohol, and there is no direct flight to South Korea, you need to pay airfare from Bohol to Manila, which is an additional cost. Not to mention, room / place to stay rent in Manila while you process your papers.
APPLY FOR THIS OFW LOAN!
If you are one of the OFW who will be granted this pre-departure EPS financial assistance, the POEA and DOLE and the rest of the country prays and hope that you will pay your loan obligation. This way this LOAN FACILITY for OFW will continue on and will not be stop.
Each year, an average of about 4,000 workers are deployed to South Korea under the EPS system. As of this time, EPS workers receive a monthly salary equivalent to USD1,200 exclusive of overtime.
So let’s just assume you will not work overtime, you are looking at a salary of about P56,000. That’s already a big help to our OFWs and their families.
Here in OFW JOB HIRING, we hope for more loan approvals for our OFWs going to South Korea!
Don’t forget to apply if you meet the qualifications and needs the financial assistance.
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