‘For good’

“For good.” This phrase acquired a deeper meaning for me when Yolanda, a former OFW (overseas Filipino worker), visited us at our Go Negosyo office to claim her share of the P2-million cash gift that President Bongbong Marcos and First Lady Liza Araneta Marcos added to the cash and prizes we gave out during the Balik-Bayan 2024 event last Dec. 7.

“Nag-‘for-good’ na po ako ng seven years na ngayon,” said Yolanda. She was an OFW for eight years but found herself unable to return to her employer after feeling she was too old (she’s 54) and already suffering from a few ailments. She’s decided to stay “for good” and went into business, cooking food she could sell and making kakanin (traditional rice-based snacks), which she has learned to sell online.

“Malaking bagay po ito,” she said, referring to the prize she shared with some 400 other OFWs who were also recipients of the President and the First Lady’s cash gift. She told us she intends to put it to good use as “pandagdag puhunan” (additional capital) for her business.

Another one of our visitors was Maritan, 45, a veteran of the Gulf States OFW circuit. She’s worked as an OFW in several countries in the Middle East since 2010 and came home during the pandemic in 2021. She decided to put up a sari-sari store to make a living. “Malaking tulong po ito. Pangdagdag ng paninda,” she said, pausing to add, “at pagkain.” (This is a big help. We can buy more stocks – and food).

They were among the stream of visitors we’ve had since the successful mounting of the Balik-Bayan Summit 2024. These were special visitors as they were the recipients of the President and the First Lady’s generous (and unexpected!) donation of P2 million to the prizes we were giving out during the event. This further raised to P3 million the total cash and gifts we gave out, courtesy of our sponsors and from RFM Corporation, which gave around P1 million in products.

It was a fitting cap to December, which is OFW Month, and to the year 2024 as well. This year, we were able to mentor more than 6,000 active and aspiring entrepreneurs through our 3M on Wheels free entrepreneurship roadshow in the country’s major shopping malls, from La Union to Cagayan de Oro. Our national summits – where we conduct more focused activities on areas like tourism, online selling, women-led MSMEs and OFWs – attracted more than 16,000 attendees. These numbers do not yet include the smaller pocket events like the mentoring we conduct for senior high school students and beneficiaries of the government’s social services programs such as the LAB for All, and those organized by our partners all over the country.

These numbers – the additional capital, food for the table, the small entrepreneurs mentored – are a strategic investment in the future of the Philippines. They are a timely boost, a powerful symbol of our gratitude, support and faith in the entrepreneurial spirit of returning OFWs. The attendees to the summit had already demonstrated their commitment by coming to the event. Their dedication was rewarded handsomely, but the true prize lies in the potential for growth and prosperity, for all of us here back home.

Beyond the immediate financial aid, I can’t emphasize enough the importance of mentorship and responsible investment. This is about empowerment. The event itself, which became a hub of informative sessions, inspirational talks and priceless one-on-one mentoring, underscores a commitment to sustainable success. The emphasis on financial literacy, strategic business planning and exploring diverse entrepreneurial avenues – from franchising to agripreneurship – demonstrates a whole-of-society, whole-of-nation approach to fostering long-term economic independence.

The significance of this initiative cannot be overstated.  With over two million OFWs sending home billions of pesos in remittances annually, their potential as entrepreneurs is a powerful engine for economic growth. Our OFWs possess the capital and the drive; what they need is guidance and a conducive environment. Their success translates directly into job creation, bolstering the nation’s MSMEs, which are the backbone of Philippine employment, by generating more than half of the jobs in the country.

The presence of key government officials – Sec. Cris Roque of the Dept. of Trade and Industry, Sec. Hans Leo Cacdac from the Dept. of Migrant Workers, Sec. Klink Ang from the Commission on Filipinos Overseas – is indeed encouraging for us in the private sector. Government can’t do it alone and neither can the private sector.

Balik-Bayan 2024 was a strategic investment in human capital. That’s why we made sure to present to the attendees the different aspects that might prove important to the economic reintegration of OFWs. Things like mentoring children in business, preparing for retirement through wise investments, creating purpose-driven work, financial literacy, platforms for possible businesses like franchising, the nuances of agripreneurship in the Philippines, even storytelling and content creation as a tool in entrepreneurship. We also showed them what’s possible by giving recognition to successful OFWs-turned-entrepreneurs via the 2024 Inspiring Balik-Bayan Awards, hopefully, to further stoke entrepreneurial dreams among current OFWs.

We should continue to empower our OFWs and encourage a vibrant entrepreneurial culture. By providing financial support and essential mentoring, we are not only enhancing individual livelihoods but also contributing to the economic future of the Philippines. The stories of Yolanda and Maritan exemplify the perseverance and potential of returning workers who are ready to invest their skills and resources into local businesses. We should help our OFWs come home – and come home for good.