Overseas Filipino workers (OFW) who are planning to venture into business may consider franchising the country’s leading convenience store at lesser cost
Earlier this year, Philippine Seven Corp. (PSC), the company behind 7-11, announced that it is set to launch a P300,000-franchise package, wherein franchisees will manage an existing store that has already operated for at least one year.
PSC President Jose Victor Paterno said the package aims to encourage ex-employees who have “real skills, but not much capital”, such as entrepreneurs with experience in quick service restaurants.
“We are working new angles because we found people who have the money are not willing to work, while the people who do not have the money are willing to work. So we said, why are charging so much money? We have the money, and we want people to work,” Entrepreneur Philippines quoted Victor as saying.
The report said the package will offer a lower profit share compared to other packages.
The package will be offered to entrepreneurs who are willing to work hands-on in running their stores. Franchisees are expected to spend most of their time inside the stores.
Presently, PSC offers two packages the P3.5-million FC1 model and the P1-million FC2 model.
Did you know? OFWs can loan up to P2M to start business
Overseas Workers Welfare Administration (OWWA) has laid out programs to assist OFWs who are planning to venture into new phases of their lives.
In a response to a query posted on Bandera, OWWA Deputy Administrator Joselito Torres said active or former OFWs who are planning to start businesses could receive assistance from the agency’s reintegration loan program.
“Kabilang sa makikinabang sa naturang programa ang mga aktibong miyembro ng OWWA at mga dating miyembro na nagpasya nang bumalik sa Pilipinas mula sa pagtatrabaho sa ibang bansa,” Torres said.
Under the program, active OWWA members or former OFWs can loan from P300,000 (Dh21,571) to as much as P2,000,000 (Dh143,931) to serve as capital for their businesses.
OWWA has allotted for P2 billion (Dh144 million) for the loan program—P1 billion (Dh72 million) from the OWWA trust fund and P500 million (Dh36 million) apiece from Land Bank of the Philippines and Development Bank of the Philippines.
Torres said OWWA has also partnered with the Department of Trade and Industry, the Department of Agriculture, and Bangko Sentral ng Pilipinas.
“Gagabayan ng mga ahensiya ng pamahalaan ang mga kuwalipikadong OFWs sa pagtatayo ng kanilang negosyo upang matiyak na magiging matagumpay sila sa larangang pumasok.”
Here’s what you need to know about the OFW reintegration program:
Processing requirements
- OWWA certification that borrower is a bonafide overseas worker, has completed Enterprise Development Training
- A business plan on the specific project that will generate income for OFW and his/her family
- With contract growing agreement, purchase order or service contract, if applicable
- Certificate of Registration with DTI
- Biodata of applicant
- Mayor’s permit
- Income Tax Return (last 3 years), if applicable
- Financial Statements (last 3 years, BIR-filed), if applicable
- Latest Interim Financial Statement, if applicable
- Statement of Assets and Liabilities
How to avail of a loan?
- Visit the nearest OWWA office and undergo orientation/necessary training.
- Secure the required OWWA Certification for submission to partner bank.
- Visit the bank’s lending center for more information and evaluation of project proposal.
(Source: landbank.com)
Zark’s Burger owner is former OFW
Zark’s Burger made headlines on August 28 after its video went viral because of massive crowd wanting to avail their P8 burger promo.
But before its owner Zark Espina Varona offered innovative burgers in the Philippines, did you know that he was an overseas Filipino worker (OFW) cook in a cruise line.
A hotel and restaurant management graduate from the Philippine Women’s University, Varona decided to apply as a seafarer on board Carnival Cruise Lines at the age of 21.
Although he has the advantage of being young OFW, Varona admitted that he struggled from being separated from his family.
“Ang challenge doon syempre 21 years old lang ako at that time, yung malayo ka sa mga kaibigan mo, sa family mo… In terms of trabaho, walang problema kasi ‘yun talaga ang gusto ko from the start— cook,” ABS-CBN quoted Varona.
Despite the struggle, he said that there being a seafarer has its own perks as well.
“Yung maka-travel ka sa ibang bansa. Kaso nga lang ‘di buong mundo yung naikot ko pero ok na — States, Mexico and Caribbean—paikot-ikot lang. Yung lang yung masasabi kong perks, ‘yung makapunta sa ibang bansa nang libre,” Varona said.
Photo credit: Zark’s Burger/Facebook
Varona’s main goal in working overseas is to gain experience and save money for his dream and not to send money back to his family.
He stayed in his job for two contracts, with the first one lasted for nine months and the second one lasted to seven months, before he decided to come back home and fulfill his dream: starting a restaurant.
With all the money he saved from being a seafarer, he used it to open a food cart business in Tutuban. Unfortunately, it only lasted for six months.
But it turns out to be a blessing in disguise because he then found out that there is a small space in Taft in front of La Salle.
Photo credit: Zark’s Burger/Facebook
“Nagkataon lang din wala pang masyadong ganung market at that time dito sa atin five years ago, mga better burger joints kung tawagin hindi mga fastfood,”
Five years ago, it attracted students with its delicious, yet affordable burger. Today, Zark’s Burger has 32 branches nationwide, with four branches in Visayas.
And no one could stop Varona’s success. Eight more branches will soon open, including in Davao and Cagayan de Oro.
Source: ABS-CBN News, Manila Standard, Philippine Star
Giant UAE-based company eyes to bring new businesses to PH
A giant international company headquartered in United Arab Emirates (UAE) shared interest in bringing other businesses to the Philippines.
Mohammed Khammas, CEO of the Al Ahli Holding Group (AAHG), told the Philippine Star in an interview that the Philippines is an attractive destination of investment among foreign conglomerates.
“We’re into infrastructure, retail, consumer, real estate, social media, entertainment and events. These are the kinds of things we want to expand into and bring over here…The Philippines is a stable market. The Philippines isn’t volatile at all and quite tested no matter how hard the times get,” The Philippine Star has quoted Khammas in the Asia Pop Comincon Manila.
The conglomerate currently holds the exclusive largest franchise rights to US-based Gold’s Gym International in the MENA region. It has also established Al Ahli Plastics, one of Middle East’s largest plastic manufacturing companies.
The company is also building a Fox-branded theme park and resort in Dubai and has strategic alliances with Fox Studios, Marvel-Disney, Sony Pictures Warner Bros and other leading Hollywood studios across its multi-entertainment based platforms, said the report.
Khammas also said in the report that AAHG wants to bring innovative businesses that are yet to be introduced in the country.
“The (Philippine) government is now very committed to foreign investments so we’re looking heavily at different possibilities on how we can contribute and put something that is not yet here,” Khammas said.
AAHG brought the recently concluded Asia Pop Comicon Manila, the largest pop culture convention in the Asian region. Khammas said that their group chose the Philippines as the host country for the event because of the Filipino’s wide interest for pop culture.
Source: Philippine Star
Photo credit: Al Ahli Holding Group
