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Differences & Similarities Between OFW Loan & Seaman Loan

Bagong Bayani. This is how Filipinos usually describe the overseas Filipino workers, or OFWs. Apart from the virtuous act of enduring separation from their loved ones, having to stay for prolonged periods on foreign lands surrounded by people whose language and customs are stranger to them, OFWs do their share in nation-building through the dollar remittances they send to their families.

The sacrifices of OFWs for their families and for the country cannot be underestimated, hence it is only proper that when they are in need, there is somewhere they can run to for financial help. Fortunately, there are available options in terms of OFW loan, not only in Manila but throughout the country.

An OFW loan is a form of migrant loan similar to a seaman loan that is usually available in the financial institutions in Metro Manila and nearby provinces. They are way too similar that in fact, the basic qualifications and requirements are the same: one must be 21-60 years old, a Filipino citizen and should have a stable source of income, and must present valid IDs, birth certificate or marriage certificate if married, proof of billing and some ID photos.

The specific requirements, however, vary slightly. An OFW must present his passport, flight details, latest POEA validated standard contract, overseas employment certificate and certification of attendance to predeparture orientation seminar, or PDOS. Basically, the difference between an OFW loan and a seaman loan is merely on their venue of deployment; the OFW loan is available for land-based overseas workers, while the seaman loan is for the seafarers deployed on the sea.

Apart from those differences and some variations in requirements, both types of loan serve the purpose of providing a convenient way of aiding overseas workers in times of financial need.

If you are an OFW or you know someone who is, who would be needing some aid in preparation for next deployment or for support for the family who will be left behind, then an OFW loan may come in handy. There are financial institutions in Manila and other parts of the country who will be more than willing to help and assist for questions and inquiries.

By |2019-07-26T02:23:55+00:00July 10th, 2019|Seaman OFW Loan|0 Comments

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