MANILA -- The departments of agriculture and labor have launched a P2-billion loan facility meant to attract overseas working Filipinos (OFWs) to undertake agribusiness ventures.
In a statement, the Agriculture department said it signed a memorandum of agreement with the Department of Labor and Employment (DOLE) in order to promote agribusiness and agricultural entrepreneurship in the country.
The DOLE will be providing the funds for the loan facility and returning OFWs may avail of it without any collateral as long as the planned venture is practical and profitable.
Interested OFWs may submit their business plans at Overseas Workers Welfare Administration regional offices.
"This is in recognition of their invaluable contribution to the country's economic status. The government also hopes to harmoniously work with them to effect a positive rural development by enabling returning OFWs to venture in agribusiness and similar undertakings," Agriculture chief Proceso J. Alcala said in the statement.
DOLE Secretary Rosalinda Baldoz, for her part, said: "The country needs more agribusiness entrepreneurs who will not only invest in money, but also more importantly, time, effort, and skills to modernize the agriculture sector."