loans

OFW loans in the Philippines

President Noynoy Aquino recently announced that he is instructing the Overseas Workers Welfare Administration (OWWA) to set aside P1 billion (US$23.5 million) as “reintegration fund” from which returning Overseas Filipino Workers (OFWs) can borrow money.

The goal is definitely noble but it is our hope that the loans program be managed efficiently so that it won’t be a losing venture for the government.  Some OFWs do need financial support upon their return and providing access to business capital is a big help towards convincing them to stay permanently.

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Different Cash and Credit Card prices not allowed

Be informed: it is unlawful to charge or be charged two prices — a Cash Price and a Credit Card Price — for the same product.

Department of Trade and Industry (DTI) Undersecretary Zenaida Maglaya, in an interview with ABS-CBN’s Mornings@ANC, issued a reminder to establishments that the law forbids the imposition of additional charges on items purchased through credit cards.

Based on Article 81 of Republic Act 7394 (“Consumer Act of the Philippines”), goods and services must not be sold at a higher price that what is stated and without discrimination to all buyers.

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