November 2011, my father who was a former seafarer applied a business loan at OWWA under OFW Reintegration Program. It's aim is to help those former OFW's who can't work abroad anymore and to those who wants to engage on business instead of continuing working outside the country. LandBank will approve and issue the loan. Based on OWWA's policy, collateral is not required anymore. But to our surprise, my father was asked to provide our home ownership certificate aside from those many forms we had submitted. An officer from the bank came to visit our store many times. It's already been 3 months but we haven't heard anything from them ever since. 2 weeks ago, Mom called the officer of the bank and asked the status of the loan, she was told to just wait for a while because they are processing too many applications. Mom asked assurance to the officer and she said, "YES, you will get something of course and there's no need to call us anymore. Just wait for our call." If it's true, why it's taking too long? Can they just be honest and straightforward and tell us that our application was rejected rather than make us wait for too long? Can they just be at least act professional? Is it really normal to the bank to process loan application for 4 months or more? It's funny because when it comes to giving charges, they are super fast as lightning.
I read this article just now:
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