Go Negosyo founder Joey Concepcion reminded winners during the non-profit organization’s “Balik-Bayan 2024” event earlier this month not to waste their savings and cash prizes and instead seek guidance from mentors to start their own businesses.
Overseas Filipino Workers (OFWs) and their families join Go Negosyo founder Joey Concepcion, First Lady Liza Araneta-Marcos, and government officials at the 2024 Balik-Bayan Summit on Dec. 7, 2024. (Photo from Go Negosyo)
“We don’t want you to spend your savings without proper mentorship. We are here to help you,” he said, thanking the participating overseas Filipino workers (OFWs) and their families for their sacrifice and support.
“Balik-Bayan 2024 is a platform to provide business opportunities and foster investment matches for OFWs, encouraging them toward entrepreneurship and ensuring that their hard work and resources are put to productive and profitable use,” he added.
Concepcion, also the Private Sector Advisory Council (PSAC) Jobs Lead and RFM Corp.’s President and Chief Executive Officer, explained that OFWs are ideal for entrepreneurship because they have the capital to invest.
However, they need mentorship and access to markets to succeed in their businesses, which, in turn, could generate more jobs for Filipinos since micro, small, and medium enterprises (MSMEs) are credited for generating more than half of the employment in the Philippines.
Organized by Go Negosyo, “Balik-Bayan 2024” last Dec. 7 at the Mall of Asia, Pasay City featured informative discussions and mentorship sessions with industry leaders. There were also free onsite mentorship sessions where OFWs and their families can consult with Go Negosyo mentors about their current or planned businesses.
First Lady Liza Araneta-Marcos, who attended the event along with Concepcion, announced that President Marcos provided P2 million in cash prize for the event.
This was on top of the P1 million in cash from Go Negosyo and its sponsors, as well as the P1 million worth of products from Concepcion’s RFM Corp.
Concepcion thanked the First Couple for their support for Go Negosyo.
“We are grateful for the support of the government and the private sector in our efforts to help our OFWs become successful entrepreneurs,” he told some 400 OFWs and their families, some of whom lined up to the event as early as the day before.
Most of the OFWs who won a cash prize said they intend to use the money as additional capital for their small businesses.
The event was attended not only by Concepcion and the First Lady, but also by Department of Trade and Industry (DTI) Secretary Cris Roque, Department of Migrant Workers (DMW) Secretary Hans Leo Cacdac, Commission on Filipinos Overseas Chairman Dante “Klink” Ang, and Pasay City Mayor Emi Calixto-Rubiano.