OFWs who are aspiring to be entrepreneurs can now take advantage of the economic benefits of the country’s Downstream Oil Industry Deregulation Law.
Aspiring OFW entrepreneurs can now apply for low-cost loans from the Department of Energy, through its Gasoline Station Lending and Financial Assistance Program, up to P10 Million or 80% of the total business cost, the remaining 20% being the venture capital equity.
This increase is designed to make it more accessible and affordable to our OFWs who want to venture into putting up a gasoline outlet or an auto LPG station. The loanable amount was increased from the original P5M payable in seven years.
This business loan program offers a fixed rate of 6% per annum and payable within a maximum of 10 years, with a grace period of 6 months that is enough to build the necessary infrastructure or store outlet and marketing. After this 6-months grace period, the first monthly installment becomes due.
OFW individuals or groups who qualify for this program are required to complete the training program run by the Department of Energy to prepare the aspiring OFW entrepreneurs for the rigors of owning this type of business to ensure their success and ultimate active contribution to our local economy.
I would encourage everyone who is interested to avail of this Program to apply as a cooperative because you can maximize your economic benefits through income tax exemptions being a cooperative as provided for in Republic Act 9520 known as the Philippine Cooperative Code of 2008. Inquire from the Cooperative Development Authority how to qualify for such incentives and download related information and forms to be filled up.
I would encourage everyone who is interested to avail of this Program to apply as a cooperative because you can maximize your economic benefits through income tax exemptions being a cooperative as provided for in Republic Act 9520 known as the Philippine Cooperative Code of 2008. Inquire from the Cooperative Development Authority how to qualify for such incentives and download related information and forms to be filled up.
For further details of this Lending and Financial Assistance Program, please check DOE’s Department Circular No. DC2011-03-0005 of March 2011.
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