Overseas Filipino Workers (OFWs) are drivers of the economy and for several decades now, the Philippines has looked up to these modern-day heroes for assistance in beefing up the nation's dollar reserves.
Contract workers abroad are some of the better paid Filipino wage earners, and in our consumer-driven economy, they are the ones with buying power and some savings that they can leave idle in the bank or withdraw some to set up businesses. After buying a house for their family, investment in a business, however small, is the way to go for many OFWs.
While overseas workers may be adept in engineering, various technology and hospitality skills, going into business is a new, risky and scary thing for many of them. Two executive departments – the Department of Trade and Industry (DTI) and the Department of Migrant Workers (DMW) – have stepped on the plate to offer assistance, fleshing out the government's long-term goal of providing OFWs and their families with a stable income at home, and eventually putting an end to the cycle of going to work abroad.
The business training and mentorship program between the DMW and the DTI was one of the eight agreements that were signed during the celebration of the 28th National Migrant Workers Day held in Mandaluyong City on Wednesday, June 7.
Based on the agreement signed between DMW Secretary Susan Ople and Trade and Industry Secretary Alfredo Pascual, the DTI will assist the OFWs in the business registration process and include them and their families in the department's business training and development programs.
The DTI will also hold financial literacy training courses for OFWs in partnership with DMW offices worldwide and OWWA regional offices nationwide.
Their products and services will also be included in DTI trade fairs and their companies, products and services will be linked up with large companies and government agencies to improve market access and promotions.
The DTI will also issue a certificate to OFWs or members of their families who successfully registered their business and underwent entrepreneurship training, as an endorsement to any livelihood or financial assistance to be given by the DMW.
The DMW will identify, evaluate, and submit a list of potential beneficiaries and applicants to existing DTI programs and services. A Joint Technical Working Group is created to monitor the implementation of the DMW-DTI agreement while continuing to strengthen its implementation and work for its expansion through Migrant Workers Offices (MWOs) around the world.
"Our OFWs contribute to our economy through their dollar remittances but at some point in their lives, they would also need to come home and create sustainable sources of income through entrepreneurship, sound investments or by landing a better job here at home,” said Secretary Ople.
The two departments of the Executive branch must do all they can to assist OFWs to become financially independent when they finally come home.