BDO partners with DMW in helping OFWs achieve financial freedom

THE Department of Migrant Workers (DMW) has partnered with private sector companies like BDO Unibank in helping overseas Filipino Workers (OFWs) achieve financial freedom through the successful launch of the Balik Kabayan Bazaar, a livelihood fair aimed at supporting OFWs who have returned back to the country to pursue entrepreneurship.

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 and manned by different returning OFWs chosen for the program every two months.

Forty-five OFW-entrepreneurs applied for the Balik Kabayan Bazaar program which was eventually shortlisted to 16 at the time of the launch. DMW gave each entrepreneur a seed capital of Php20,000.

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 launching 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, through intervention services that aid returnees and their families in the form of reemployment opportunities or the facilitation of livelihood development.

Trust banks with your money

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. “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.”

On the other hand, Wilma R. Abay, head of the OFW NCR Federations and one of the micro entrepreneurs 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 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 provide assistance to OFWs with problems, like OFWs who were displaced, abused/maltreated abroad, and 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, these illegal recruitment and human trafficking won’t stop. That’s where (provinces) illegal recruiters go to victimize people.”

 

Trust banks with your money. During the formal launch of the Balik Kabayan Bazaar, Department of Migrant Workers Secretary Hans Leo J. Cacdac says more balikbayan OFWs should deposit in formal banking institutions so 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,” he said.