Good news to all eligible OWWA members! You will soon receive a cashback as per the Republic Act No. 10801 or OWWA Act.
Those OWWA members who have been active for ten years and has not yet availed any benefits that comes from OWWA Fund, are eligible for this cashback or rebate which will be available in the first quarter of 2018.
“In recognition of the contribution of long-time members to the OWWA Fund, the OWWA shall develop and implement a program for the grant of rebates or some form of financial assistance to OFWs who have been members of the OWWA for at least ten (10) years and who, along with their families, have not availed of any service or benefit from the OWWA. The provision and the amount of rebates shall be based on actuarial study commissioned by the OWWA for this purpose.”
OWWA Administrator Hans Leo Cacdac said that the rebate amount will all depend on the actuarial study which was performed last year.
“We are still targeting to finish it by the end of the year but just to be on the safe side, hindi na ito lalagpas ng first quarter of the next year. The (Labor) secretary has always wanted to get things done so we will work hard to have this done by the end of the year,” Cacdac noted.
“So please bear with us. We don’t want to bear the mistake of rushing and then biglang hindi pala kaya. So we want to make sure na pag-announce namin. Yung talaga ang tamang halaga,” Cacdac added.
Just to make sure that everything goes accordingly, OWWA even hired an actuarial expert to assess the sustainability of the program.
Cacdac also noted that they are doing their best to track all the old OWWA Members who are eligible of this program.
“There is a possibility that the members have already relocated in other places. One suggestion that we are looking into is through the banking system,” Cacdac said.