If you passed the South Korea EPS program but is facing problem in how to come up with money to pay for all the pre-departure expenses, there is now a Loan Facility program that you can avail of.
*This loan program for OFW is only open to workers who are going to work in South Korea under the Employment Permits System or EPS.
This financial assistance and credit facility is a joint project of DOLE-POE and Landbank of the Philippines.
Apply now for this loan available to OFWs if you meet the qualification. You can use the borrowed money to pay for pre-departure expenses being faced by OFWs going to South Korea. These are some of these expenses:
- 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
- Visa Fee – P2,250
- NBI Clearance – P115
- Airfare – amount not fixed, can be as low as P11,000 to P16,000 on peak season depending on the timing when you or your manpower agency buy your ticket to South Korea.
South Korea EPS Program Financial Assistance
Loanable Amount: up to P52,000
Payment schedule: 12 monthly equal installment
Fixed Interest Rate: 10% per annum
REQUIREMENTS to avail of South Korea EPS – OFW Loan Program
- This is open to departing OFW bound for South Korea under EPS program.
- 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 don’t have any Landback account, visit any branch of Landbank to inquire about the account that you should open so you can apply to become one of the recipient of this EPS Financial Assistance and Loan Program of DOLE – POEA – Landbank.
- There is a loan processing fee that you must pay.
- You must execute a document which is the OFW deed of undertaking to pay the loan.
- You must also enroll your 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.
If you will be granted a loan under this program, the POEA and DOLE expects that you will pay your loan obligation as it become due. This way this South Korea OFW loan facility will continue on providing financial assistance to OFWs who doesn’t have the money to process papers and documents.
Share this post to your family and friends who are going to work soon in South Korea.
We need more of these kind of useful programs for OFWs who are our country’s new heroes!
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