Entrepreneurship training program for OFWs set
Reintegrating repatriated Filipinos into economy
By: Abigail L. Ho - @inquirerdotnet
Philippine Daily Inquirer / 12:04 AM July 29, 2011
The Departments of Trade and Industry (DTI) and of Labor and Employment
(DoLE) have teamed up to encourage repatriated overseas Filipino workers to
become entrepreneurs.
The two agencies intend to do this by holding a series of seminars that are aimed at
giving the OFWs the proper tools and know-how on doing business. The series of
seminars was the brainchild of the DoLE, through the National Reintegration
Center for OFWs.
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The DTI’s Philippine Trade Training Center was tapped to formulate the training
modules.
The free training sessions, which began this week and would end in September,
covered relevant topics in entrepreneurship, including steps on how to start a
business, the basics of the business cycle and market supply and demand, and tips
on selling and preparing a business plan.
At the end of each session, participants will be asked to prepare a business plan.
The best business plans will qualify to avail themselves of start-up loan packages
from Land Bank of the Philippines and Development Bank of the Philippines.
Trade Secretary Gregory Domingo said making returning OFWs—particularly
those who were affected by the unrest in the Middle East and Africa and those who
would be hit by Saudization—more business-savvy would not only help them and
their families but the country as well.
“Export-driven economies such as the Philippines would need to build the capacity
of entrepreneurs and would-be entrepreneurs to enhance our exporting activities
and boost the local economy,” Domingo said.
The PTTC targets to reach about 2,000 OFWs with its seminars.
Last year, the government agency held similar sessions for around 300 OFWs, in
partnership with the Overseas Workers Welfare Administration.
“By developing returning overseas workers into exporters and entrepreneurs, we
will be creating a new stream of export revenues. With the Philippine exports
roadmap in place, we are looking at more entrepreneurs and exporters breaking
into the global market,” Trade Undersecretary Adrian Cristobal Jr. said.
Apart from this seminar series, the government is preparing other programs to
reintegrate repatriated OFWs into the economy.
According to research from the Philippine Institute of Development Studies, the
country has been, and continues to be, one of the world’s largest labor exporters
and remittance receivers since the 1980s.
Last year, Bangko Sentral ng Pilipinas data showed that OFW remittances reached
$18.8 billion, from the about two million Filipinos working abroad, mostly in the
Middle East.
The Asian Development Bank said that overseas remittances could help spur the
country’s development through entrepreneurship. The government, however,
needed to provide the right support mechanisms to ensure that these remittances
would be used properly by the recipients here.
Encouraging OFWs and their families to go into business will help the country
reach its goal of doubling exports to $120 billion by 2016, as stated in the latest
Philippine Export Development Plan.
The country today has about 10,000 exporters, which can grow significantly with
the entry of new entrepreneurs.
Read more: https://business.inquirer.net/9341/entrepreneurship-training-program-for-ofws-
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11 Business Ideas OFWs Can Invest In Now
March 17, 2017
Entrepreneurship, Investment, Money Ideas, Most Popular Articles
Written by imoney
OFWs are one of the staples of the Filipino economy, making up 10 percent of the
Philippines’ GDP. Being an OFW provides you with an opportunity to travel and
experience work from a global perspective. There are many reasons Filipinos decide to
become an OFW, but one of the main reasons is to make a higher salary to bring home
to the family. For OFWs a Friday payday is not an opportunity for a lavish night out on
the town, rather it means taking a trip to the nearest remittance center to send the hard-
earned money back home to the Philippines.
If you have found that your income as an OFW is not enough to help your family live
comfortably back home, it may be time to seek out other business ventures to earn
some additional income and add to your family’s savings. Don’t worry, it can be quite
confusing and intimidating at first. With all the options available in the market, you may
be unsure on where to start, and this article aims to provide you with practical choices
that you can consider. Here are 11 business ideas that you can invest in today that will
help generate some passive income to rely on once you return home to the Philippines.
1. Buy And Sell Goods
A great way to make some additional income while working as an OFW is to sell
imported products to people back home in the Philippines. You do not have to have a lot
of inventory to set up shop, rather simply sell products on a per-order basis. For
instance, if you are stationed in the United States, you could sell authentic sports
jerseys or makeup products to fellow Filipinos back home. You could advertise your
storefront via social media, social media ads, and word of mouth from friends and
family.
2. Open An Online Store
Do you have a special talent? Do you love photography and art? If so, use your talents
to generate some additional income while you are overseas. For instance, you can set
up a storefront on Etsy and sell anything from clothing and accessories, to handcrafted
jewelry, to craft supplies and tools, to wedding décor. The possibilities are literally
endless. If you have a passion, you might as well share it with others and get paid to do
so! If art is not your passion, consider opening an online storefront on Amazon or eBay,
where you can sell almost anything imaginable.
3. Get Started In The Stock Market
You don’t have to have millions to start investing in the stock market, in fact, you can
start investing online for as little as ₱5,000.00. To be successful in the stock market,
you will need to conduct thorough research to gain the basic knowledge necessary to
make good investments. Do not let the fear of the unknown stop you from investing in
stocks. There are plenty of online and professional resources you can utilize to get
started.
4. Invest In Real Estate
Investing in real estate is a great way to generate some additional income as an OFW,
and if done correctly it can be quite profitable. Monthly rent generated by your rental
properties will help support your family back home, and could even provide you with an
opportunity to save and invest in additional ventures.
The key to success is educating yourself on how to make money in real estate before
investing in property. The last thing you want is to invest your hard-earned money into a
“fixer upper” property that has little promise to generate any real income. Before you
purchase any property, make a point to attend some sort of real estate training course,
or conduct thorough independent research to gain insight on how to be successful in the
real estate business.
5. Safely Invest In Mutual Funds
Mutual funds and unit investment trust funds, (UITFs), are safe investment options that
require little to no effort on your part. You can get started with a mutual fund or UITF for
as little as ₱5,000.00. Mutual funds and UITFs are great investments for OFWs
because they are managed by a financial professional, allowing you to focus on other
business ventures to generate some passive income.
Some financial institutions may require you to appear in person to open a mutual fund
or a UITF. Other banks will allow you to open a mutual fund or UITF overseas if you
already have a savings account established. Make sure to check with your bank prior to
leaving the country if you think you may be interested in investing in a mutual fund or
UITF.
If you don’t have enough money on hand to finance your business venture, you can
avail a personal loan to help get your business started. Use our cash loan calculator to
help you find the right option based on your requirements.
BPI Personal Loan
Up to ₱1M approved loan amount.
Fixed monthly add-on interest rate at 1.2%
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6. Start A Recruitment Service
Filipino workers are in high demand all over the world, giving you a great opportunity to
match individuals with companies who are actively seeking foreign workers. If you
already acquired a business network of professional contacts during your travels
abroad, it may be well worth considering this business venture. However, before you
start offering recruitment services, you will need to gain accreditation from the Philippine
Overseas Employment Administration.
7. Open A Simple Sari-Sari Store
If you have a spouse or family member back home who is eager to work, consider
setting up a sari-sari store. A sari-sari store is a very common business venture for
spouses of OFWs, and you can start one with very little up-front investment. In fact,
your spouse or family member could even run this store from your home in the
Philippines. To get additional business, consider selling imported items, and make sure
your store is located in a place with heavy foot traffic. A sari-sari store is a great way to
get your entire family involved, and even teach your children about business at a young
age.
8. Easily Manage A Food Cart Business
For many Filipinos, having a snack at any given time of the day is a common practice
especially when you’re out and about on business or just for pleasure. A great way to
capitalize on this is by going into a food cart business. There are a lot of food cart
franchises available so it would be best to perform substantial research on which would
be your best option with regards to the location you’re targeting. It is also suggested that
you go for a more established and well recognized brand, albeit higher priced,
compared to an unfamiliar name that the public may not easily patronize.
One of the great things about food cart franchising is that they require minimal labor to
operate, meaning you will not have to hire numerous staff members. For optimal results,
consider placing your foot cart in a mall, grocery store, or other parking lot with high foot
traffic.
9. Open A Franchise Restaurant
Opening a restaurant franchise as an OFW is an outstanding opportunity to make good
money because you know you are investing your hard-earned money into a proven,
successful business concept. “Franchises have a higher percentage of success than
start-up concepts. This is because there is already a fixed system, the brand is
established, and expertise already exists. Franchising is working for yourself but you’re
not by yourself,” advises Rommel Juan, owner of the infamous Binalot Chain
restaurants.
There are many different franchise opportunities available to you as an OFW, and for a
variety of budgets. For instance, you could open your own franchise for as little as
₱300,000.00. A franchise will help ensure the money you make abroad will not be
depleted by the time you return home. A franchise is a great investment that has
potential to grow and prosper.
Keep in mind that opening a franchise is a big responsibility, but can pay off if it is ran
successfully. Juan offers five top franchises to open under ₱500,000.00 including Lot’s
a Pizza, Plato Wraps, Peanut World, Bibingkinitan, Chicharific, and RBX Rice In A Box.
There are an abundance of online resources to help you learn how to achieve success
in franchising, as well as help you determine what type of franchise would be best for
you.
10. Become A Blogger
If you have a passion for writing, consider starting a professional blog. As a blogger, you
will publish content targeted towards a specific audience on a regular basis. You will
make money via advertising sponsorship and affiliate marketing. Many OFWs are highly
successful within the blogging industry, and there are many online resources to help
you get started on the road to success. Start with a topic you are passionate about, and
promote your posts on your other social media networks to establish a strong following.
Profiting from a blog will require up-front effort, and may take a while to get started;
however, once you start making money it is a business venture that can prove to be
highly profitable and enjoyable.
11. Start A Travel Agency
As an OFW you are probably someone who likes to travel, thus it may make perfect
sense to enter the travel and tourism industry. The Philippines has many beautiful
locations that people abroad may not be aware of. What better way to help the
Philippine economy than to promote tourism of your homeland? With your own travel
agency, you could offer services as simple as ticket booking, accommodation and tour
packages, to more complex services such as Visa and passport assistance. In terms of
marketing your business, the internet, social media in particular, will play a pivotal role
on your success in acquiring new clients both local and abroad.
Things To Think About
You will not be working overseas forever, so generating some additional income you
can rely on when you return home should be of utmost importance to you. There
are numerous opportunities to generate passive income while working overseas;
however, you do need to approach every new business venture with care. Before you
start any new business or job, make sure you understand your target market, and
conduct thorough research into the industry to help you achieve success. Try not to
invest in fads or trends, and always make sure any business venture you embark on is
legitimate.
Above all, do not be discouraged if you are unable to fund a franchise venture on your
own. A lot of successful entrepreneurs did not have the funds available to start their new
business venture. Keep in mind that there are many financing options available in the
market, that can help you get up and running fast.
Source: https://www.imoney.ph/articles/11-business-ideas-for-ofws-overseas-filipino-workers/
