Overseas Filipino Workers arriving via the Ninoy Aquino International Airport in Pasay City on December 18, 2023 are given their "pasalubongs" by the Office of the Overseas Workers Welfare Agency (OWWA) and the Department of Migrant Workers (DMW). Jonathan Cellona, ABS-CBN News

MANILA — The Department of Migrant Workers (DMW) and the Department of Trade and Industry (DTI) has formally sealed a partnership to help Overseas Filipino Workers (OFWs) become entrepreneurs.

A signing of memorandum of agreement was held in Makati, Tuesday. DMW Sec. Hans Leo Cacdac and DTI Sec. Cristina Aldeguer-Roque attended the event, where they both highlighted the importance of helping OFWs and their families start or expand their business.

“Marami OFWs may pangarap mag negosyo, but the ‘how’ is the another question,” Cacdac said.

Roque added that OFWs earnings should not go to waste and it would be better if it goes to a legitimate business. “We need to protect the income that they remit to their families and we also need to protect the money they earned. Why? Because these are hard earned money,” Roque said.

The partnership allows the two agencies to work together to identify the OFW beneficiaries and help them through trainings, seminars, and even financial support. Part of the program is also to help OFWs learn more about business processes which includes marketing a product, packaging and even distribution.

One program under this deal is the “Buy Lokal, By OFWs,” which aims to promote locally made products and to empower micro, small, and medium enterprises owned by OFWs and their families.

The two agencies are also encouraging OFWs to go into franchising. Roque said if thousands of OFWS enter the franchising industry, this will have a big boost to the economy. She added that DTI’s Small Business Corporation has allotted funds for loan with no collateral and no interest in the first year.

“We have the OFW Franchise fund, we set aside P500 million which they can now loan. No collateral except for them to have at least business name registration… Pwede nila gawin loan again sa business expansion program which we have here P1 billion,” said Roque.

Cacdac added that all OFWs can avail of the different trainings and seminars and other projects. “Showcases the skills and talent, craftsmanship, ingenuity, and hard work of our OFWs through locally-made products, businesses and services. Through this product, our OFWs would have greater opportunities to empower themselves economically and socially upon their return to the Philippines,” he said.

The two agencies hope that with the new partnership this will provide a comprehensive reintegration assistance to OFWs who have returned back to the country.