OFWs urged to nurture entrepreneurial spirit

It is deemed essential for Overseas Filipino workers to learn and practice entrepreneurship for them to be able to sustain their financial stability as well as to sustain their flow of remittances to the country.

In a forum organized by the Cebu-based alumni of the University of Asia and the Pacific, the role of entrepreneurship has been discussed as an essential path in aiding OFWs to sustain their finances and stop the vicious cycle of poverty when they eventually decide to return to the country to retire.

Guest speaker Overseas Workers Welfare Administration (OWWA) Region 7 director Wilfreda Misterio said that OFW remittances significantly make a large contribution to the economy.

Misterio said that there has been a significant increase of remittances for the past quarters. Despite the lower dollar to peso exchange rates, it still posted increase due to the continuous increasing number of Filipinos working abroad.

UA&P gathered that the Philippines is considered as the 4th top remittance receipts of the world generating $17 billion remittances and contributing 11.8 percent in the country’s gross domestic products (GDP), which shows that the country’s economy is greatly dependent on OFW remittances.

But UA&P alumnus Pert Cabataña stressed that, “a consumer lead economy is a weak economy without building up your productive capacity so we must encourage OFWs to put up their own investments when they come back.”

He said that capital building should be the country’s main priority and that it should be transparent in determining what has been done with the OFW remittances so to ensure that it was used properly.

“The economy is greatly dependent in OFW remittances that even telcos, real estate and banks benefit from it so to help OFW continue their cycle of wealth, government should focus on capital formation and provide them with life skills so once they come back to the Philippines, they will be ready to become an entrepreneur of a businessman,”   said Cabataña.

To aide OFWs in sustaining their productive capacity, Misterio discussed that OWWA has developed a so-called re-integration program that includes livelihood programs with business awareness seminars, financial literacy trainings showcasing available investment options in the country to encourage those who are planning to retire to put up their own businesses so they can still augment their living.

Also under their collateralized loan program, OWWA also administers loans as high as P200, 000 with only nine percent per annum interest rate.

Aside from these, OWWA also provide short courses for in-demand skills abroad to families of OFWs as well as blue collar job trainings such as care giving or any four to five years course scholarship to deserving children of OFWs.

Misterio said that one difficulty in urging OFWs to go into businesses is their lack of awareness in the concept of entrepreneurship.

She said that usually retired OFWs end up with stereotypical investments such as sari-sari stores and tricycles or jeepneys for lack of savings but OWWA is optimistic that they can uplift the entrepreneurial spirit of OFWs once they get more education and trainings.

“We adhere to the advocacy of self employment so we help OFWs link up to financial institutions for capital so they can put up their own businesses when they go home so that we can help stop the vicious cycle of poverty,” she added.