The Department of Trade and Industry (DTI) through the Philippine Trade and Investment Center (PTIC) in Singapore urges new Filipino workers to become entrepreneurs through the recent orientation seminar on financial education and investment prospects at the Philippine Overseas Labor Office (POLO) in Singapore. 

According to Philippine Commercial Counselor to Singapore Glenn Peñaranda, the seminar aimed to emphasize among Filipino workers, responsible management of money through savings, encourage entrepreneurship or investments while working abroad. 

Overseas Filipino workers (OFWs) were advised to explore opportunities in franchising especially in the food industry given its phenomenal growth.  Sixty percent (60%) of the franchise concepts in the Philippines are in the food sector. Peñaranda also discussed food trends in the country, mentioning that food is the biggest part of the Filipino household consumption and offers many opportunities. For 2014, there are over 125,000 registered micro, small, and medium enterprises (MSMEs) under the food and accommodation sector in the Philippines. He added that putting money in farms is a viable venture now that agro-tourism is highly promoted.

“I am pleased to collaborate with POLO and the Philippine Embassy in Singapore in this on-going effort of educating our Filipino workers on saving and entrepreneurship.  Financial literacy is crucial to equip them with information and empower them to take greater responsibility for their future,” said Peñaranda.

Aside from this orientation seminar, POLO organizes regular livelihood training activities as well for overseas Filipino workers. The topic for July was on swine raising conducted by Singapore-based Filipino veterinarians (Beterinaryo SG).  Peñaranda was invited to the training activity to talk about investing in food and agribusiness.

DTI, with its core programs and initiatives, continues to encourage Filipinos in the country and abroad to explore business opportunities in the country and assist micro, small and medium enterprises (MSMEs) in different industries. One of its programs catered to local entrepreneurs is the establishment of Negosyo Centers across the country.  The Center provides access to information, training, credit facilities and other forms of assistance.