Monday, October 12, 2015

The Overseas Filipino Workers (OFW) last year remitted $26.92 Billion. This year, an increase for the first four months, OFW has remitted $8.6 Billion, 5.1% higher compared last year, according to the Bangko Sentral ng Pilipinas (BSP).

Although some economic observers have noted that the country is becoming less dependent to the OFW remittances due to an improving economy.

Still, OFW remittances are a big boost to the economy and can further be maximized if portions of the remittances are allocated to investments and starting a business.

More OFWs are returning home because of the improving economy. In addition, more job opportunities are opening up in the country as a transition for the returning OFWs.

However, for OFWs that would like to create a better opportunity and life, entrepreneurship is the better alternative.  The Philippines Small and Medium Enterprises (SMEs) comprised 96% of the country’s economy and the addition of OFWs turned Entrepreneurs could further grow the economic standing of the Philippines.

In addition, according to GEM Philippines, 6.2% of the adult population are established business owners and 18.4% are engaged in early-stage entrepreneurship (TEA). The country’s TEA rate is far higher than the average for Asia and Oceania (13%).

An event to encourage entrepreneurship among OFWs is the upcoming OFW and SME Christmas Expo set December 15-16, 2015 at the Megatrade Hall, SM Megamall.

The OFW and SME Christmas Expo will showcase the different companies that are looking for OFW and SME business partners. In addition, investments and financial products are present for OFWs and SMEs to see and include as part of the many choices they can have in continuing their economic growth in the country.

On the other hand, participating companies will have the chance to meet OFWs and SMEs invited to be buyers and guests of the event.

December is the time where OFWs celebrate Christmas with their families. In going back to the country, they bring with them their savings. OFW and SME Christmas Expo is a business event that combines a family atmosphere that expresses appreciation for their efforts and sacrifices.

One of the supporting organizations of the event is the United Filipino Seafarers (UFS).

Business World and Business Insight support the event.

The event is produced and organized by Exlinkevents – Business Events Organizer.

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