Overseas Filipino workers (OFWs) and their families will soon be provided with entrepreneurial training and a business investment support system as part of the government’s efforts to make the most of their hard-earned money.
In an agreement signed by Department of Migrant Workers (DMW) Secretary Hans Leo J. Cacdac and Department of Trade and Industry (DTI) Ma. Cristina A. Roque assistance to OFWs and their families will be provided through micro, small, and medium enterprises (MSMEs) training and seminars for the promotion of their products.
Based on the agreement, the DTI will spearhead the promotion of investment options to OFWs, including franchising as an option for their business ventures.
It will also support the OFW-beneficiaries to access financial support through government financial institutions and private sector partners.
On the other hand, DMW will identify and evaluate beneficiaries who can qualify to avail of the services.
The DMW will also monitor and maintain a database of the beneficiaries, particularly those who have completed their business registration, entrepreneurial training and other existing services and/or financial assistance.
“The shared vision of this MOA (memorandum of agreement) pushes for an empowered MSME sector. This resonates well with DMW's agenda about digitalization and innovation efforts to improve OFW services. An empowered MSME sector means a healthy and conducive environment for entrepreneurship which augurs well for OFWs interested in having their own business,” Cacdac said.
“Through this partnership with DMW, 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 for her part.
Among the partnership programs of the DMW and DTI is the “Buy Lokal, By OFWs”, a project spearheaded by the National Reintegration Center for OFWs (NRCO) that aims to promote locally made products, businesses, and services.
The project is aligned to DTI's "Go Lokal" program, which promotes high-quality Filipino products, while engaging OFWs in the marketing and distribution processes to help them expand their reach.
The agreement is among the various partnerships of the DMW with other government agencies and key social partners in providing a full-cycle and comprehensive reintegration assistance to OFWs and their families.