The Department of Migrant Workers (DMW) and the Department of Trade and Industry (DTI) have teamed up to empower OFWs and their families by supporting their entrepreneurial ventures, as part of their reintegration into the community.
The recent signing of a Memorandum of Agreement (MOA) by Migrant Workers Secretary Hans Leo J. Cacdac and Trade Secretary Ma. Cristina A. Roque aims to assist OFWs with their micro, small, and medium enterprises (MSMEs) by providing entrepreneurial training and seminars.
“Many OFWs have dreams of starting a business, but the ‘how’ is often the biggest challenge,” Cacdac shared during the event.
Roque emphasized that OFWs’ hard-earned income should not be squandered and should be channeled into legitimate businesses for long-term growth.
“We need to protect the income they remit to their families, and also safeguard the money they’ve earned. These are hard-earned funds,” she stated.
Under the agreement, DTI will lead the effort to introduce OFWs to various investment opportunities, including franchising, and will help them access financial support from both government and private sector partners.
Meanwhile, DMW will identify and assess potential beneficiaries for the program, ensuring they meet the criteria for entrepreneurial training and support.
“We aim to further empower our OFWs and their families by equipping them with the necessary tools and opportunities to become successful entrepreneurs. We firmly believe that prioritizing our FWs is not just an investment in their future, but also in the future of our nation,” said Roque.
Franchising opportunities
One key initiative within this partnership is the “Buy Lokal, By OFWs” project, spearheaded by the National Reintegration Center for OFWs (NRCO). This initiative encourages OFWs to promote and distribute locally made products and services, in line with DTI’s “Go Lokal” program, which showcases high-quality Filipino goods.
The agencies are also encouraging OFWs to explore franchising opportunities. Roque pointed out that if thousands of OFWs enter the franchising industry, it could significantly boost the national economy. The DTI’s Small Business Corporation has set aside funds to assist in this endeavor, offering loans with no collateral and no interest during the first year.
“We’ve set aside P500 million for the OFW Franchise Fund, which they can access for loans with no collateral, provided they at least register their business name,” Roque explained. “They can also apply for loans under our business expansion program, which has P1 billion in available funds.”
Cacdac added that the partnership would offer a wide range of training opportunities, showcasing the skills, craftsmanship, and entrepreneurial spirit of OFWs. “Through this initiative, OFWs will have greater opportunities to empower themselves economically and socially upon their return to the Philippines,” he said.
The partnership aims to provide comprehensive reintegration support for returning OFWs, helping them establish sustainable businesses and secure a brighter future for themselves and their families.
