Section 8August 22, 1991, Sec./Art. 8

Additional Incentives. – At the end of each calendar quarter, after providing for the settlement of all accounts payable and other obligations of the Fund and other charges of the Central Bank, the balance of the gains/proceeds in the OWI Fund shall be used in providing for the following, which shall accrue to the original holder:

(1) Four-year scholarship grant in favor of a worker of any member of his family if said worker has remitted under the OWI Fund system Ten thousand dollars (US$10,000.00) worth of PDRC with a continuous two-year period: provided, that such grant shall conform to the set minimum academic standards of the school attended; that the grantee shall undergo six-month apprenticeship training before graduation; and that any remaining unused period of the four-year scholarship may be transferable to other qualified beneficiaries of said worker;

(2) Housing program for overseas workers;

(3) Credit facility for overseas workers who may want to engage in business enterprises and/or livelihood projects: provided, that the participating overseas workers shall be entitled to borrow up to twenty-five percent (25%) of the amount remitted at concessional interest rates to be determined, and subject to such guidelines to be promulgated, by the OWI Fund Board;

(4) Health/hospitalization insurance for the family of the workers for the duration that the worker continuously holds on to at least Two thousand dollars (US$2,000.00) worth of PDRC;

(5) Raffles of airline tickets, appliances, and other items for all who have remitted under the OWI Fund; and

(6) Other programs that will benefit the workers.

The gains from debt conversion arrangements and profitable investments of the peso loan funds shall be the primary sources of funding for the incentives and benefits granted to the overseas workers, and of the investment operations of the OWI Fund programs, including the provision of reasonable returns to the other participants and the possible placements in investment ventures/opportunities with comparatively high returns and minimal risk.