The high
profile thinking of being rich is associated with Overseas Foreign Workers in
their own community, this belief will only be true when one invests and
benefits from these investments.
For years, continued government-assisted
training through OFW related government agencies such as the Overseas Workers
Welfare Administration, Department of Labor and Employment, Philippine Overseas
Employment Agency, Technical Education and Skill Development Authority (TESDA
on-line program), Commission on Filipino Overseas and the Philippine Embassies
abroad with the active participation of various Filipino community
organizations have been offering training purposely meant for overseas
Filipino workers (OFWs) and their families. Topics usually discussed include
insights and tips on basic entrepreneurship including business planning,
financing procedures, franchising, stock acquisitions, and Real Estate Investing.
“How many times have we heard sad stories of OFWs who returned to a country without any savings?” Hard-earned money sometimes sadly amounts to
nothing in the end. Training
modules and financial literacy programs will have no bearing unless OFWs are
willing to equip
themselves with knowhow, skills and act decisively so they can use or invest
their hard-earned money wisely.
However, not all OFW stories end up miserably, participants from the latest business forum the author attended a few days ago shared their entrepreneurial stories and
kept him and all the attendees
stay-put in their seats.
The business forum was attended by his Excellency the Philippine Ambassador of Qatar,
Cresente Relacion who
gave his congratulatory message and commendations to the member of the group
behind the organizing of the Philippine Business Council. It was held at the
Crown Plaza Business Park & Hotel on February 09, 2015. The good Ambassador
gave an inside scoop about the Philippine economy and how it would stand-high amongst
Southeast Asian countries in the near future. Despite the fact that the good Ambassador would
be leaving the country at the end of his term, his service to his fellow
countrymen especially the help and benefits he extended to the Filipino
community in Qatar will always be remembered.
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| Photo credit to Balitang Q |
One advantage
of doing business in the Philippines is that it gives OFWs
a buffer to any
uncertainty in their place of work abroad. However, the author thinks that budding
entrepreneurs have to consider the present outlook of the prime movers and shakers of
the economy such as the present decline of prices of oil & gas derivatives worldwide
which has quite an enormous
effect on the financial operations of the oil & gas sectors (producers, operators, engineering service
providers, materials & equipment suppliers, shipping & land transport
industries, and the banking sector who finance their projects). With all these uncertain developments, the job security of OFWs worldwide will surely have a domino effect if worst
comes to worst. This particular input is thrown by the
author received mixed
reactions from the panelist as well as from the audience but the situation
feel like it is a worthwhile point
to consider when doing business.
The council's
Attorney General, Atty. Cheryl Grace Montealegre was tasked to moderate the
panel discussion which was composed of the council's Chairman, Mr. Gregorio
Loayan, the council's Director of Finance, Mr. Derrick Tusi, the President of
PICPA Qatar and the council's Vice Chairman, Mr. Lyndon Magsino. Mr. Magsino
guided attendees on how to do business in the Philippines and talked about the
operations of his clothing and accessories business. He gave tips on how to run
a profitable real estate business, the likes of his Bakasyonista Hostel which
offers accommodation to foreigners as well as local tourists.
During the
Q&A, Qatar-based OFW, Engineer Fidel Escurel asked about the possibility of
franchising a business in the Philippines. Mr. Derrick Tusi
responded by giving attendees
an idea about how it works, adding that it is more affordable and buyable because of the
fact that the operational procedures are already in place, modules are already
tested and proven and it gives revenue to the franchisee over time. The
franchisee will run the business on a day-to-day operation while the franchisor
supplies all
the materials such as products, produce, etc. whilst monitoring procedures and the quality of the
services offered.
Engineer
Escurel who invested his hard-earned money into the hospitality industry of
Boracay Island also shared about his business operations.
His business venture, one
of the leading accommodation providers in Boracay Island, Escurel Inn, offers affordable rates but their services offered can rival that of big and well known hotel brands situated in the island.
Moreover, his condo-rental business in Metro Manila equally gives him decent
revenues and unlimited source of passive income for his family in the
Philippines.
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| Photo credit to Balitang Q |
The network tables were abuzz when participants grouped themselves in
order to discuss
their own upcoming business and plans on how to upgrade their current business ventures into the next
level. Some newbie participants ventured from one table to another to get ideas about their subject projects and collated various
ideas to serve as guides to what business is suited for them.
One highlighted
topic during the network table discussions is when Ms. Jehan Daud Gandamra, an
employee of one of the healthcare providers in Qatar shared her own study about her plans of putting
up a legit “halal”
compliant business in the Philippines. Her research on the business already
took her to Malaysia in search of suited technologies and procedures associated
to the business she envisioned, accordingly she already discussed her plan to
some Qatari business persons whom she said that a possible partnership is now underway.
A lot of people were probably thinking “How
come it took so long for someone to organize something like this (Philippine
Business Council?)”. But in the end, the business forum went well as planned and
as a parting note, the organizing team said: “This forum was really conceptualized for
our OFWs compatriots and their families. So we really ensured that every aspect
of the event - from the program to the network table, is focused on them. We
want the forum to be really worthwhile, educational and inspirational for all
of us,” said Mr. Gregorio Loayan, the Chairman of the Philippine Business
Council, who is also an OFW himself and a staunch supporter of the program.
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