CAGAYAN DE ORO CITY (PIA) — Through the launch of the Balik Kabayan Bazaar, a livelihood fair that supports OFWs who have returned to the country to pursue entrepreneurship, the Department of Migrant Workers (DMW) has partnered with private sector companies like BDO Unibank to help overseas Filipino workers (OFWs) achieve financial freedom.
Under the partnership, BDO donated “lemonade stand-style” booths, which balikbayans can use to sell various products, from food to handicrafts and garments. The booths are now stationed at the DMW grounds, manned by different returning OFWs chosen for the program every two months.
The Balik Kabayan Bazaar program received applications from 45 OFW entrepreneurs, resulting in a shortlist of 16 at the time of launch. DMW gave each entrepreneur a seed capital of P20,000.
In addition to the support for this program, BDO has donated four-seater gang chairs, IWATA air coolers, and window speaker intercoms in DMW’s Balik Manggagawa area as part of its agreement and commitment when BDO renewed its Memorandum of Agreement with the agency.
“Through DMW, we are given the opportunity to assist OFWs as they come back to the country. We are happy to take part in this campaign and witness our kabayans embark on entrepreneurship,” Rene G. Abadilla, BDO Unibank senior assistant vice president and Overseas Filipino Program unit head, said during the launch of the Balik Kabayan Bazaar with the theme Kabuhayan ni Kabayan para sa Kinabukasan.
This Balik Kabayan Bazaar is part of the government’s reintegration program for returning OFWs, which provides intervention services that assist returnees and their families in the form of reemployment opportunities or the facilitation of livelihood development.
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Meanwhile, DMW Secretary Hans Leo J. Cacdac said the agency always sees to it to partner with the private sector, particularly with banks, as the latter has the expertise in the area of financial education and inclusivity—factors that help OFWs, especially when they come back home for good.
“We want more people depositing in formal banking institutions not just for the savings part, but also to accumulate or put together all their (OFW’s) resources so that the banks can in turn create financial products and services for them. This, in the end, will benefit the economy and make our OFWs largely benefit from their overseas experience,” Cacdac said.
He added that it’s the whole gameplan, and they want to partner with banks with the view of making a substantial impact on the OFWs. They also want to see the key results that are borne out of this partnership, and tap into banks’ expertise and knowledge in financial education literacy, as financial inclusion is all right up their alley.
Cacdac added that, in line with the goal of President Ferdinand Marcos, Jr., of encouraging OFWs to come back home whenever he talks to Filipino communities abroad, DMW also hopes to include OFW families when it comes to financial literacy.
When it comes to financial literacy, it’s crucial that the OFW families are also involved. It all boils down to finding ways that will help the OFWs through the programs that will bring substantial results, he said.
“What’s important is that OFWs know that in every step of the migration process, the administration is here to guide them, give them inspiration, and provide the environment where they successfully reintegrate. Of course, the knowledge, the skills, and determination are all within them. We just provide the environment. Our degree of success is higher when we partner with the private sector, with banks such as BDO,” Cacdac added.
On the other hand, Wilma R. Abay, head of the OFW NCR Federations and one of the microentrepreneurs given an opportunity to join the bazaar, also thanked BDO for providing financial education to OFWs and seed capital through its loan products.
“Some of the important assistance we have received from BDO includes the financial literacy seminars they hold and the loans they extend for microentrepreneurs,” she said. “We encourage balikbayan OFWs to save and set up their own business so they won’t find the need to go back abroad anymore.”
The OFW NCR Federations is a non-governmental organization that provides assistance to OFWs with problems, such as being displaced, abused/maltreated abroad, or victimized by illegal recruiters.
“We are the ones who guide them and reach out to the corresponding government agencies to provide assistance to these victims. Also, before OFWs leave for abroad and when they go back home, we’re there to provide assistance,” she said. “We need to have an OFW Help Desk at the barangay level. As long as we don’t have a help desk at the barangay level, this illegal recruitment and human trafficking won’t stop. That’s where (provinces) illegal recruiters go to victimize people.” (CID Communication/PIA-10)
