THE departments of Trade and Industry (DTI) and Migrant Workers (DMW) have signed a memorandum of agreement (MoA) to encourage investments and businesses established by overseas Filipino workers (OFWs) and their families.
Under the agreement, the DTI will promote investment options to OFWs and help beneficiaries access financial support through government and private-sector financial institutions.
The DMW’s role is to identify and evaluate OFW beneficiaries qualified to avail of the services.
It will also monitor and maintain a database of the beneficiaries to identify who has completed their business registration, received entrepreneurial training, or obtained financial assistance.
“This is a very important MoA signing because… we need to protect the income that OFWs bring to their families and the money they earn,” Trade Secretary Ma. Cristina A. Roque said.
“We have to make sure that their money is put to good use so when they come home, they have something to support them and their families,” she added.
Part of the role of the DTI is to promote franchises as an investment option.
“We are working now with the Philippine Franchising Association, and they will give us the list of the top 20 franchises that are bankable and have a very high success rate,” she said.
She said that DTI’s Small Business Corp. unit has put together an OFW franchise fund of P500 million.
The DTI will also offer entrepreneurship training, seminars, and workshops to prepare OFWs and their families for running businesses.
She also said that the DTI aims to showcase OFW products at trade fairs. — Justine Irish D. Tabile