Future OFW Entrepreneurs attend Entrepreneurial Development Training

As part of the Reintegration Program of OWWA, the Regional Welfare Office XI conducted a one-day Entrepreneurial Development Training (EDT) last July 24, 2020 at the Training Room of the Regional Welfare Office XI attended by eight (8) Overseas Filipino Workers (OFWs).

The activity aims to provide awareness and better understanding of the intricacies of putting up business enterprise to OFW and dependent applicants who are planning to avail of the OFW Enterprise Development and Loan Program (OEDLP) of OWWA.

It also aims to provide the participants with inputs on the financial patterns and behavior, impart knowledge and skills in the preparation of business plan, assess the qualities and capabilities of OFWs and their families as entrepreneurs, provide inputs on viable business ideas and possible entrepreneurial ventures, and orient them on the basic aspects of business operation and management.

The OFW Enterprise Development and Loan Program (OEDLP) is an enterprise development intervention and a loan facility of OWWA in partnership with the Land Bank of the Philippines (LBP) intended to support enterprise development among OFWs and their families. The OFW or his/her legal dependent can avail of a loan between PhP100, 000.00 to PhP2.0 million.

In this program, OWWA provides the social preparation activities which include the conduct of business appreciation seminar with entrepreneurial skills self assessment; referral to partner institutions; business immersion; conduct of seminar on business plan preparation; and other relevant interventions.

In the course of the activity, participants were given workshop in order to assess their individual entrepreneurial characteristics. OWWA XI officer Anne Alban facilitated the activity and discussed with them the importance of having a business which suits their skills.

Likewise, Alban provided inputs on savings and investment as well as financial planning. In this session, participants learned how to manage their finances and encouraged them to have savings.

Preparing a simple business plan was also discussed during the training to be guided on their marketing plan and strategy. Production and technical aspect as well as business management were also given emphasis by Alban.

At the end of the training, participants were able to obtain ideas on viable business ventures and possible enterprise that are marketable. They were able to learn the basic concepts of business operation and management and learned how to prepare a business plan. With this, participants realized that proper financial planning and management are very crucial in starting a business. (END)

NEWS RELEASE
Department of Labor and Employment
Overseas Workers Welfare Administration
Regional Welfare Office XI
27 July 2020

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