The Department of Trade and Industry (DTI), Overseas Workers Welfare Administration (OWWA), and Technical Education and Skills Development Authority (TESDA) recently signed a memorandum of agreement to provide returning overseas Filipino workers (OFWs) with training and loans.

Through OWWA, returning OFWs will be able to access skills training from TESDA, along with seminars and loans from DTI.

Loans would be provided through the Pondo sa Pagbabago at Pag-Asenso program, which provides funding for microenterprises and small businesses.

The program allows would-be entrepreneurs to borrow between P5,000 and P100,000, which accrues a monthly interest rate of 2.5 percent.

The ratification of RA 11199, signed earlier this year by President Rodrigo Duterte and intended to strengthen the Social Security System (SSS), is expected to generate additional funding as monthly contributions will gradually increase, with a goal of growing from the current 11 percent to 15 percent by 2025.

The law also makes social security coverage for OFWs mandatory./WDJ