Overseas Filipino workers (OFWs) have surely thought about starting their own businesses when it’s time to return home. But it’s easier said than done.

Besides common startup concerns, such as access to funds, registrations, and other necessities, they wonder who will help operate the business, who will manage the finances, and what can be done to keep the business current. consumer trends.

Even though OFWs think that starting a business in the Philippines can be done with a trusted person, the fact is that they come back practically from nowhere. Although the idea of ​​earning enough money by working abroad and starting a business in their home country is exciting, the reality is that they are in serious need of a huge amount of help and support. advice.

Training and improving access to start-up funds help alleviate challenges. But the perils go beyond money and knowledge. MDGZ Roldan, author of the study “Reintegrating Returned Overseas Filipino Workers Through Entrepreneurship,” stressed the need to “tweak” the government’s migrant entrepreneurship program based on actual needs and experiences beneficiaries of returning OFWs.

Families of OFWs are, understandably, concerned about how much money startups can produce, and whether that amount is even close to what their loved ones earn abroad. Stability is another issue, since some products and services are seasonal or have volatile demand. And the question of “how much income is enough for an OFW to be pushed to quit his job abroad and depend on his businesses in the Philippines” still arises.

Having a good amount of capital and a good runway is quintessential. Some banks and non-bank financial institutions are working to provide OFWs with access to credit. Global Cebuana, for example, has a dedicated OFW loan with low interest rates and fast approval, tailored to the needs of Filipinos working (or about to be deployed) overseas.

The financing company, founded in 2023 by GDFI Holdings and Cebuana Lhuillier, aims to empower OFWs to realize their goals and dreams, including establishing a startup.

Nearly one in three OFWs start their own business, according to a study by CB Niverba, MPB Abanilla, SMO Gregorio, RL Lumanlan, DVR Moralde and JG Fronda (“From Employment to Entrepreneurship: Profiling Filipino Workers to abroad in Abu Dhabi, UAE with and without Business Ventures”). Their motivations include financial independence and skill utilization. They also largely consider concurrent entrepreneurship and full-time business ventures. The “skills utilization” part indicates that they learn from their own experiences and are therefore inclined to start a business from them, which is a positive trait.

Specialized clinics, restaurants

Specialty clinics and restaurants are among the types of startups that OFWs are getting into. Since it is better to be an expert in the field you wish to explore, nurses and chefs are at the top of these professions. Beyond their skills, they must take into account the market and the location of the company. For example, it is not correct to open a cold drinks store in a place where temperatures are below the country’s low average.

Assuming the aspiring entrepreneur has the skills, knowledge, funds and personnel to manage it, making it happen is the next big step. The question that needs to continue to be asked is: “How will this new business help me, my family, and the community?” »The ideal direction therefore is to work together not only for the future of one Filipino but also for that of many.

Motivation that goes beyond “money” can positively influence the development of the OFW’s entrepreneurial journey and has proven effective in driving the business through almost every known challenge.

Aian Guanzon is part of Global Cebuana, with expertise in business development. He holds university degrees in nursing, economics and marketing. He is interested and has experience in fintech, insurance and BPO.