TRADE CHIEF COMMENDS OFWS-TURNED-ENTREPRENEURS, ACKNOWLEDGES CONTRIBUTIONS TO ECONOMIC DEVELOPMENT

PASAY CITY—Trade Secretary Fred Pascual together with President Ferdinand Marcos Jr. commended our Overseas Filipino Workers (OFWs) who thrived as entrepreneurs during the KABAYAN 2022: Go Negosyo’s 17th Anniversary Special held on 3 December 2022 at the SM Mall of Asia Music Hall.

“Investing our hard-earned money here in the country is good business. As businesses in the country grow, the effects spillover to our economy and people", Pascual said.

The KABAYAN 2022 aims to provide business opportunities and investment matches for the hard-earned resources of OFWs and their families. Further, the event awarded the Most Inspiring OFWs for their remarkable contributions to the Philippine economy. There were also business-related curated booths, money and market discussions, and general mentorship from successful OFWs-turned-entrepreneurs during the event.

DTI continues to promote inclusive growth and prosperity for our MSMEs through access to money, market, and mentorship. The Department also aids OFWs and their families through entrepreneurial trainings, business advisory services, business name registration assistance, and skills trainings and seminars, among others.

The Department currently implements projects and programs such as Helping the Economy to Recover Through OFW Enterprise Startups (HEROES) program and the Rise Up Multipurpose Loan, which provide loans to repatriated and returning OFWs, Kapatid Mentor ME (KMME) and Trabaho, Negosyo, Kabuhayan (TNK) that aim to boost the entrepreneurial capacity of Filipinos, and online Business Name Registration System Next Generation (BNRS Next Gen) and DTI chatbot TIA (Trade and Industry Assistant) that provide digital assistance to OFWs who are planning to start a business.

Further, the Trade Chief emphasized the critical role played by OFWs in contributing to the country’s economic growth and development even during the COVID-19 pandemic.

“Despite the global economic downturn due to the pandemic, OFW remittances last year hit a record-breaking USD34.88 billion. This huge amount, together with the Filipinos’ madiskarte entrepreneurial spirit, tell us that our OFWs and their families can grow earnings beyond their monthly paycheck—that is, invest and make things happen in the Philippines", the Trade Chief added.

Also gracing the event were Department of Migrant Workers Secretary Susan V. Ople and representatives from various business chambers.