San Fernando, Pampanga – In a bid to boost opportunities for repatriated Overseas Filipino Workers (OFWs) including their families and dependents who are venturing or would like to venture into entrepreneurship, personnel from the Department of Trade and Industry – Region 3 (DTI-3) and the Department of Migrant Workers – Region 3 (DMW-3) explored collaborative efforts in supporting OFWs in their business endeavors.
To lay plans, representatives from both regional agencies held a recent meeting that provided a valuable exchange of insights on various programs designed to aid potential and existing OFW entrepreneurs. Among the key initiatives discussed were market expansion strategies, including trade fair participation, franchising opportunities, and enhanced financial access to strengthen business prospects. Additionally, access to finance programs, such as those offered by the Small Business Corporation, were highlighted as vital tools to provide additional capital for budding OFW entrepreneurs.
Recognizing the importance of financial literacy for returning OFWs, DMW-3 personnel were invited to observe an online session of DTI’s Kapatid Mentor Micro Enterprise (KMME) program. KMME Program is a flagship initiative of DTI that empowers MSMEs through mentorship and business coaching sessions facilitated by industry experts to help them scale and sustain their enterprises. The particular session focused on Module 7: Entrepreneurial Accounting and Financial Management.
Currently, DMW has been implementing the DMW AKSYON Fund, which is a comprehensive support system that offers legal assistance, medical assistance, financial aid, repatriation services, and emergency assistance. Hence, the financial literacy and other entrepreneurial development trainings will provide the backbone for the needed skills of those OFWs that will decide to go on with their entrepreneurial journey.
Based on a survey conducted by the Philippine Statistics Authority in 2023 (released on September 13, 2024), there were about 2.16 Million OFWs and 15.2 percent of which comes from Region 3.
To further refine and strengthen convergence strategies, both departments agreed to conduct follow-up meetings, ensuring that repatriated OFWs receive comprehensive support tailored to their entrepreneurial aspirations.
