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OWWA may go bankrupt if Covid-19 crisis continues, official warns

 

MANILA – The Overseas Workers Welfare Administration (OWWA) may go bankrupt by the end of 2021 if the coronavirus pandemic continues, an official warned on Wednesday (June 24).

OWWA Administrator Hans Leo Cacdac made the statement during hearing of the Senate Committee on Labour and Employment.

“By the end of 2021 we will be down to less than P1 billion and that’s not even assuming that our reintegration program will be in full swing. We have been spending around P800 million for re-integration every year, pre-Covid year,” Cacdac said.

The OWWA chief said that an about 35,000 OFWs sought assistance prior to the Covid-19 crisis, with up to 300,000 OFWs expected to seek reintegration assistance during the pandemic.

“If the current situation keeps up, we are spending for hotels, spending for food, for transport, that doesn’t even include the financial assistance which we will embark on later, we will be down to around P10-billion sir, at the end of the year,” Cacdac said.

He said that OWWA’s current cash asset was now only at P18.879 billion. OWWA is eyeing a P5 billion supplemental fund to sustain their programs for OFWs affected by the pandemic.

The OWWA chief said that letter of request was already delivered to Department of Labor and Employment Secretary Silvestre Bello and Senate President Vicente Sotto 3rd on June 1. CLM/Expat Media

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