The Department of Migrant Workers (DMW) and the Department of Trade and Industry (DTI) have partnered to strengthen support for overseas Filipino workers (OFWs) and their families who want to go into business ventures for a productive reintegration into their communities.
DMW Secretary Hans Leo Cacdac and DTI Secretary Ma. Cristina Roque on Tuesday signed a memorandum of agreement at the Migrants Brew in Makati City to help OFWs who want to go into a business franchise or expand existing businesses.
Cacdac said the agreement paves the way for both agencies to empower OFWs and their families by assisting their micro, small, and medium enterprises (MSMEs).
“This MOA establishes more tangibly the pathway toward this end, like promoting franchising as an investment option, providing entrepreneurial training, seminars, and workshops, and providing assistance to OFWs and their families to participate and showcase their products in Philippine trade fairs,” he said.
During the event, Roque said the DTI has allotted PHP500 million for the OFW Franchise Fund to help Filipino migrant workers and their families grow their businesses.
Moreover, the department has also allotted PHP1 billion for a business expansion program.
According to Roque, loan applicants need not present any collateral and just need a business name registration. She added that OFWs do not have to pay on the first year of the loan, which is also interest-free on the first year.
She said payment would start on the second year with an option to either pay only the principal plus interest or interest alone.
“In other words, this loan is really to be able for them to get into business and to be able to bounce back. Why? We want them to come back home and be with their families,” Roque said.
“And gusto natin pag uwi nila, hindi na yung usual kuwento, pag-alis nila, di ba, parang bankrupt sila, pagbalik, bankrupt pa rin, and then may sakit na (What we want is to change the usual stories of OFWs who left and returned to the country bankrupt, aside from being sick). So, what we can do is set up something for them para pag-uwi nila (so that when they return home), they have something, they have fallback, even their children and their children’s children.”
Cacdac said through the collaboration with the DTI and other national government agencies as part of the National Reintegration Network, the DMW aims to make OFWs return to the country and reintegrate into their communities more successfully and sustainably. (PNA)
