Among Overseas Filipino Workers, seafarers are one of the highest paid. Yet, most seafarers would experience difficulty in getting home loans because of gaps in their employment history.
Seafarers are generally contractual workers who are at sea from six to eight months in a year.
A recent agreement among ACM Homes, Landbank of the Philippines and Philippine Transmarine Carriers (PTC) presents a solution through Landbank’s Easy Home Loan Program for seafarers. The package allows them to borrow up to 90 percent and to pay back through monthly salary deductions.
Philbright Ang of crew management company PTC explained the loan program. Incidents of seafarers who are unable to accumulate savings even after 20 or 30 years at sea are common. Faced with the pressure to support large extended families, many seafarers let out steam through impulse buying and unplanned purchases.
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