Pasay City, December 2, 2023, SM Mall of Asia Music Hall. Overseas Filipino Workers play significant role in fostering the country’s economic development. To optimized their positive impact, programs and initiatives must be prioritized to encourage them to utilized their valuable skills and resources for the nation. By giving them access to sustainable livelihood option for their reintegration in to the Philippine society and economy.
The Department of Migrant Worker experts OFW deployments to exceed last year’s 1.2 million and reach the 2-million mark. Philippine Statistics Authority date shows that there an estimate 1.83 million OFWs who worked abroad between April to September 2021, while Overseas Contract Workers peak at 1.76 million. 4 in every 10 OFWs work as domestic helpers, Construction worker, factory worker, and agriculture laborers with majority working outside the country.
Filipino abroad send portion of their earning to their families in form of remittances which is the biggest contribution boosting the Philippine Economy. Of the last six (6) months of the 2023, Cash remittance increase by 2.9 percent to $15.79 billion, from $15.35 billion compared to last year. The demand positivity contributes to stabilizing the country’s currency and shielding the economy from financial fluctuation.
The Philippine for Entrepreneurship – Go Negosyo has been promoting inclusive growth and prosperity through entrepreneurship by putting MSMEs at the heart of its advocacy. Through the 18 years, Go Negosyo has been contributing and shaping the entrepreneurial landscape by consistently organizing major events and summit that address the diverse needs of various sectors and industries. Go Negosyo also recognizes OFWs as key movers of the Philippine economy.
Since then, Partnership with different sector still going strong and the latest is with the Department of Education sign by non-other that the Vice President itself VP Sara Duterte. As per Usec Michael Poa, the partnership is all about agricultural program inside the school specially in the provincial areas which is called “Agri Bida or gardening program”. As early as young age we introduce the importance of the Agri business. The crops that will be harvested can bring home by the students to help food for their families and the excess of the harvests can be also sell to the communities which will be handle by the PTA’s and as also consider as a livelihood program for the parents.
Go Negosyo is dedicated fostering the immense potential of our Overseas Filipino Workers to become successful entrepreneurs as ne market trends and opportunities continue to shape the way businesses are done in the country. Go Negosyo will adapt, thus staging a revamped and new program called Balik-Bayan Summit.
It aims to provide business opportunities and investment matches to OFWs in order to encourage them towards entrepreneurship, and ensure that their hard work and resources are put to productive and profitable use. Through the insightful discussion between the industry leaders, inspirational and learning sessions from successful entrepreneurs and free onsite mentorship sessions, the participants are given vast opportunities to become entrepreneurs. As per Mr. Joe Conception “we would like to see that they earning be put in a right profitable manner. Most of the OFW goes back home doesn’t know what to do with their saving ang sometime they need to be guided on how to invest their hard-earned money specially in starting up new business. We as are here to help, teach and guide.” The Main Highlight of the of the Balik-Bayan Summit is the Balik-Bayan Awards, that gives recognition to OFWs with inspirational stories to share, admirable journeys of success, exceptional achievements, and remarkable resilience while working abroad. The awards highlighted the triumphs and celebrates the relentless pursuit of excellence by the Filipino entrepreneurs.
