Overseas Filipino workers toil hard to provide for their families’ needs and contribute to our country’s economy. At some point, however, they’ll need to secure financing. What financial aid can our OFWs expect from our financial institutions? Here are the TOP 10 best OFW loans in the Philippines for them to consider.
Best OFW Loans in the Philippines – BPI Seafarer’s Loan
The BPI Seafarer Loan is one of the best OFW loans in the Philippines specifically designed for Philippine mariners. Seafarers can borrow up to PHP300,000, or at least three times their gross monthly income. They can use the debt to finance their children’s education, purchase a house, consolidate debt, etc.
Both directly employed and agency-based marine and nautical sailors can apply for this loan at any BPI branch nearby. You don’t have to have an account at BPI to apply for the loan. However, you will need to open one after receiving approval to receive the proceeds. BPI will release the funds within 1 to 2 days after submitting the documentary requirements.
Seafarers can apply while abroad, but they will need to sign the documents at any BPI branch in person within 30 days. If not possible, they can have their wife or allotment beneficiary apply for the loan instead.
Best OFW Loans in the Philippines – East West Bank Home Loan
East West Bank offers its Home Loan to overseas Filipino workers and seafarers who would like to refinance an existing mortgage, purchase real estate property or construct their home from scratch. They can also convert the debt into an equity loan that they can use for various purposes, including travel, business capital, medical emergencies and education.
East West offers the Home Loan with comfortable repayment terms. You can choose to stretch the loan for up to 30 years with interest of about 9.75%. Interest rates start at 5.75% for loans that mature in one year.
The East West Home Loan is a secured instrument. It will require documents for collateral, including the land title, building plans, appraisal fee official receipt, tax declarations, etc. The actual documents needed will depend on the purpose for which the loan will be utilized.
East West’s application process for the best OFW loans in the Philippines is entirely online. OFWs can apply for a loan while working abroad.
Recommended reading: Top 38 Best Loan Apps Philippines With Low Interest and Fast Approval
Best OFW Loans in the Philippines – Land Bank OFW Reintegration Program
The OFW Reintegration Program is a collaboration between the Land Bank of the Philippines and the Overseas Workers Welfare Administration. The two parties offer this financing to overseas Filipino workers who want to settle down and start a business in the Philippines.
The program offers up to PHP2 million for working capital and for buying fixed assets to be used by the business. Qualified borrowers can establish an enterprise in various industries, including construction, agriculture, rentals, and franchising. You can also use the funds to tie up with accredited corporations.
You can apply for either a short-term or a traditional term loan. The program’s short-term loan is payable within one year only and with an interest rate of 7.5%. For term loans, the repayment can stretch up to 7 years. However, the creditors will evaluate the business’ cash flow to determine the term length.
OFWs have to be in the Philippines to apply for the best OFW loans in the Philippines since they need to visit an OWWA office and a Landbank branch.
Recommended reading: TOP 10 Best Bank Personal Loans without Collateral in the Philippines
Best OFW Loans in the Philippines – PAG-IBIG Multi-Purpose Loan
The Pag-Ibig Multi-Purpose Loan is an ideal source of quick cash for emergencies. Overseas Filipino Workers have had mandatory memberships with the program since 2009. Thus, they are eligible to apply for the Pag-Ibig multi-purpose loan, one of the best OFW loans in the Philippines.
The Multi-Purpose Loan allows OFWs to borrow up to 80% of their regular savings. They just need to fill up the loan application form, which can be downloaded from the Pag-Ibig website, and submit it together with documentary requirements. These documents include proof of income – for OFWs, they’d need their certificate of employment and compensation and employment contract.
The Fund will process applications for the best OFW loans in the Philippines within 2 days at most. You don’t need to visit your bank to receive the money because Pag-Ibig will directly deposit the proceeds to your nominated disbursement account.
BalikBayad OFW Personal Loan
The BalikBayad OFW personal loan is a specialized online lending facility for OFWs and is one of the best OFW loans in the Philippines.
The program aims to fund the startup expenses of OFWs leaving for work abroad. Borrowers can borrow up to 2x of their monthly salary under their existing contracts. The loan is open for both land-based employees and seamen.
One of the BalikBayad OFW personal loan’s advantages is the lack of a processing fee. You get the total amount that you’ve been approved for. BalikBayad factors into your monthly installment fee any fees that need to be paid. Borrowers need not worry about extra expenses in maintaining their loans.
The BalikBayad approval system is fully automated. You can apply any time of the day and get approved for the best OFW loans in the Philippines within 24 hours.
The application process is also 100% online. You only need to fill out the BalikBayad website’s application form and upload the requisite documents. Afterwards, you only have to wait for the email or SMS notification of approval or refusal.
Recommended reading: TOP 10 Best Loan Apps in The Philippines 2022 with Fast Approval
First loan 0% fees  97% recommended Repayment: Up to 180 days Age: 21-70 years old Up to P25,000 Best Choice |
PBCom Home Loan – Loan for OFW Abroad
With the PBCom Home Loan, OFWs can borrow up to PHP20 million for home improvement, mortgage refinancing and real estate purchases. They can also use the money from the loan to fund the construction of their dream house.
OFWs need to earn at least PHP50,000 per month to qualify for PBCom Home Loan – the best OFW loans in the Philippines. When the loan matures, they must also not be more than 65 years old. If they are eligible, they can borrow at least PHP500,000, which they can repay for 20 years. However, the bank will assess their loan purpose and decide on the term length.
PBCom does not offer an online facility to process applications for the best OFW loans in the Philippines. Instead, you have to visit a PBCom branch and fill up an application form there. You also have to bring your documentary requirements, including a certificate of employment, payslip and remittance receipts.
The PBCom Home Loan is open for OFWs and Filipinos working in the Philippines. Foreigners living in the Philippines can also qualify for the best OFW loans in the Philippines if they can submit the documentary requirements.
Recommended reading: Maya Credit – Maya Bank (Formerly PayMaya) Offers Loan to Filipinos [Video]
BDO Kabayan Loan – Loan for OFW Abroad
The Kabayan Loan program offered by BDO Unibank offers overseas Filipino workers access to flexible repayment terms and affordable interest rates. The Kabayan Loan is provided in two variants – secured and unsecured.
The Kabayan Loan (Secured) provides security through Savings Accounts or Time Deposits with the bank. Account-holders can borrow at least PHP10,000 and up to 90% of their savings balance. Both single and joint accounts are acceptable as security for the program.
On the other hand, the Unsecured version does not require applicants to pledge their BDO Unibank account as collateral. The maximum amount they can borrow depends on their documents and credit check results.
The Kabayan Loan program is payable in 3-month, 6-month, 12-month, 18-month, 24-month and 36-month installments.
Interest rate 0% at first loan  95% recommended Repayment: Up to 180 days Age: 21-70 years old Up to P20,000 Best Offer |
Applicants have to open an account with BDO to apply for the loan. The bank will deposit the proceeds to their account for convenience. In addition, they will also need to physically submit their requirements to a BDO branch.
China Bank AutoPlus Loan – OFW Lending Company in the Philippines
Although intended to help OFWs finance a car purchase, the China Bank AutoPlus Loan can also be used as a multi-purpose loan secured by your existing vehicle.
The China Bank AutoPlus Loan accepts applications from employed and self-employed Filipinos, including OFWs. For migrant workers, they will need to prepare a POEA standard contract or a certificate of employment from their company. They will also have to compile six months’ worth of remittance receipts and payslips.
You simply need to fill up an application form and submit it to the China Bank branch closest to you. Alternatively, you can also submit your documents to a China Bank Consumer Banking Center.
Recommended reading: Atome PH Review – Shop Now Pay Later with 0% Interest Rate for Filipinos
RCBC Regular Home Loans – Best OFW Loans in the Philippines
With the RCBC Regular Home Loan, OFWs can turn their real estate plans into reality. They can borrow money from the best OFW loans in the Philippines to refinance an existing mortgage, purchase a lot-only property, build a house on top of their lot, or renovate their home.
This financing program offers one of the highest minimum borrowing amounts among its competitors. Loans start at PHP1 million, with repayment terms of up to 20 years. It is also very flexible; you can choose to make a high downpayment and bring down the monthly amortization. You can pay at least 20% and at most 80% of the total amount you expect to spend on real estate.
OFWs must have worked at least 2 years abroad without interruption to become eligible. The application process is also online, so you can apply for a loan even while working abroad.
MetroBank Home Loan – OFW Loan Philippines Online
Last but not least, the MetroBank Home Loan offers a convenient instrument that can lend at least PHP500,000 with flexible interest fixing options. You can, for instance, keep the interest rate stable for 5 years while paying off a loan for 20 years.
Simply fill out an application form online via the MetroBank website to apply for the best OFW loans in the Philippines. The loan is open to both land-based OFWs and mariners. For land-based workers, they’ll have to prepare their original Certificate of Employment and Compensation. On the other hand, seamen have to furnish their contract with POEA and their Certificate of Sea Service.
Aside from the above requirements, OFWs should also prepare bank statements or remittance receipts covering the previous six months. They should also prepare a copy of their passport.
Recommended reading: CIMB Bank Personal Loan Review – P50,000 Approved – Super Fast Approval [Video]
The Bottom Line
Our overseas Filipino workers contribute a lot to our economy. Their remittances account for nearly 10% of our gross domestic product. It’s only fitting that they enjoy the privilege of being able to conveniently and quickly apply for financing when the need arises.
That’s why you have these 10 best OFW loans in the Philippines. They’re all meant to give our “new heroes” financial assistance whenever they need help.
First loan 0% fees 97% recommended Repayment: Up to 30 days Age: 21-70 years old Up to P25,000 Best Choice |
Interest Rate 0% at first loan  98% recommended Repayment: Up to 30 days Age: 20-65 years old Up to P20,000 Super Fast |
Waiting Time Instant Approval  95% recommended Repayment: Up to 180 days Age: 21-70 years old Up to P20,000 Best Loan |
