DTI-PTIC Singapore urges OFWs to become entrepreneurs
Business Mirror
August 23, 2016

THE Department of Trade and Industry (DTI), through the Philippine Trade and Investment Center (PTIC) in Singapore, is urging 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.

Glenn Peñaranda, Philippine Commercial Counselor to Singapore, said the seminar aimed to emphasize among Filipino workers, the responsible management of money through savings, and to 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 of the franchise concepts in the Philippines are in the food sector.

Peñaranda also discussed food trends in the country, saying food is the biggest part of the Filipino household consumption and offers many opportunities. For 2014, there were over 125,000 registered micro, small and medium enterprises (MSMEs) under the food and accommodation sector in the Philippines. He said putting money in farms is a viable venture now that agro-tourism is highly promoted by the Philippine government.

“I am pleased to collaborate with Polo and the Philippine Embassy in Singapore in this ongoing 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,” Peñaranda said.

Aside from this orientation seminar, Polo organizes regular livelihood training activities, as well, for OFWs. The topic for July was on swine raising conducted by Singapore-based Filipino veterinarians (Beterinaryo SG).

The 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 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.□

Kathleen Joyce Bondoc, Office of the Undersecretary for Industry Promotion Group, Department of Trade and Industry

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