The Department of Migrant Workers (DMW) has partnered with private sector companies like BDO Unibank to help overseas Filipino workers (OFWs) achieve financial independence. This collaboration led to the launch of the Balik Kabayan Bazaar, a livelihood fair aimed at supporting OFWs who have returned to the Philippines to pursue entrepreneurship.
As part of this partnership, BDO donated “lemonade stand-style” booths that returning OFWs can use to sell various products, including food, handicrafts, and clothing. These booths are set up at the DMW grounds and are managed by different returning OFWs chosen for the program every two months.
A total of forty-five OFW entrepreneurs applied for the Balik Kabayan Bazaar program, with 16 eventually shortlisted at the time of the launch. DMW provided each entrepreneur with seed capital of Php20,000 to help them start their businesses.
In addition to supporting this program, BDO has donated four-seater gang chairs, IWATA air coolers, and Window Speaker Intercoms to the 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 kababayans 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.
Balik Kabayan Bazaar: A Step Toward Reintegration
This Balik Kabayan Bazaar is part of the government’s reintegration program for returning OFWs, which provides services to help returnees and their families find new jobs and develop their businesses.
Building Financial Literacy for OFWs
Meanwhile, DMW Secretary Hans Leo J. Cacdac highlighted the agency’s commitment to partnering with the private sector, particularly banks, as they have expertise in financial education and inclusivity. “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. “That’s the whole gameplan. We definitely want to partner with banks, with the view of making substantial impact to our dear OFWs. We 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, the OFW families have to be there also. It all boils down to finding ways that will help our OFWs through the programs that will bring substantial results,” he said. “What’s important is 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.”
Support from Micro Entrepreneurs
On the other hand, Wilma R. Abay, head of the OFW NCR Federations and one of the micro-entrepreneurs given the 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 include the financial literacy seminars they hold and the loans they extend for micro entrepreneurs,” 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 assists OFWs with challenges, such as displacement, abuse, and illegal recruitment. “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, these illegal recruitment and human trafficking won’t stop. That’s where (provinces) illegal recruiters go to victimize people.”
