Overseas Filipino workers (OFW) are looking at becoming entrepreneurs to cope with the strengthening of the peso against the dollar.
“OFWs are now looking at franchising in order to compensate for the appreciation of the peso against the greenback,” said Armando O. Bartolome, president of GMB Franchise Developers, at the sidelines of the book launch of the Association of Filipino Franchisers Inc. (Affi) at Powerbooks in Greenbelt.
According to Bartolome, OFWs and their beneficiaries are looking at obtaining a franchise that is priced anywhere from P150,000 to P500,000.
“The beneficiaries are now also realizing that they need to support the OFWs so they are looking for business,” Bartolome said.
In fact, Bartolome said they are working with the Overseas Workers Welfare Association (OWWA) to reach more Filipinos working outside the country.
AFFI has likewise gone to several road shows specifically in Taiwan , Hong Kong, Japan and Abu Dhabi .
Rommel Juan, owner of Binalot Fiesta Foods, said OFWs and their families are still largely untapped in terms of franchising in the country.
“They want to grow their income and franchising is the answer to that,” he noted.
Juan said the strong economy will help new franchisers because it makes businesses viable.
Aside from OFWs, Juan said new markets for franchises are emerging retirees and fresh graduates.
Affi is composed of 70 companies that are offering different business concepts, from food to various services like health and wellness.