OFWs' Savings and Investment to bolster Philippine economy
By OFW GUARDIAN
Tuesday, 01 March 2005
Unlad Kabayan Migrant Services Foundation estimates there are 6 million Overseas Filipino Workers (OFWs) in 137 countries all over the world, including overseas contract workers, undocumented workers and emigrants. The latest figures from a Department of Labor and Employment report stated that OFW remittances brought about US$6.937B to the country as of October 2004.
But migration can be seen both as a solution and a problem. Enrico Manuel, Savings and Credit Manager of Unlad Kabayan Migrant Services Foundation, Inc. explains, “Solution, kasi, napupunuan iyong unemployement. Problem siya, kasi, sa pagbalik nila, kung hindi sila nakakakuha ng panibagong contract, unemployed sila dito. Kung wala din silang naipon o
The non-government organization, Unlad Kabayan Migrant Services Foundation, Inc., started as a special program of the Asian Migrant Centre in
Manuel puts it in plain words. “Bakit OFW? Kasi ang OFW, meron silang surplus. Sila iyong aming tinap kasi meron silang kakayanan to develop the economy.”
Unlad Kabayan calls the program MS-AI (Migrant Savings for Alternative Investment). The idea is for migrant workers to form savings associations in the country where they work. Once enough money is saved, these OFWs can decide to either invest in an existing business or invest it in their own enterprises. These livelihood projects will give the contact workers an alternative source of income and at the same time, provide livelihood for the community.
Manuel elucidates, “Ang strategy diyan is magkaroon ng awareness ang OFW habang nandon sila sa ibang bansa since hindi naman matagalan ang kanilang trabaho. Not necessarily mag-invest kaagad. Save muna. Ang ginawa naming equation is:
Income - Savings = Expenses.
“Magsave ka muna. Kung ano ang matitira, pagkasyahin mo sa panggastos mo. Kasi pag hinuli mo siya, wala kang savings. Tapos, ginagawa namin, in group sila para may peer pressure. Mag-iipon tayo. Ganitong halaga. Parang paluwagan. Hawak iyon ng grupo kaya hindi mo rin basta-basta makukuha kaagad. Kasi kung ikaw nag-iipon, pag nangati ang kamay mo, gusto mong bumili, wala, ubos yon.” Unlad Kabayan acknowledges that OFWs can only be successful entrepreneurs when armed with the right knowledge. That’s why the organization offers training workshops and orientation seminars on topics such as entrepreneurship, financial management, market strategy and networking.
Administrative Officer Marivi David recounts “Marami silang name-meet na migrants. Nakikita nila na isa sa mga problema ng mga Pilipino, hindi sila marunong magsave. Meron silang association sa
Manuel adds, “Not all OFWS can be a businessman, an entrepreneur, a manager. So may mga kanya-kanyang module - savings awareness, investment opportunity, entrepreneurship training, management training.”
Unlad Kabayan also offers a credit program outlined in the OFW Loan Card section. They have helped more than 400 beneficiaries whose businesses range from production, manufacturing, trading, processing and agribusiness.
But what sets Unlad Kabayan apart is their commitment to help encourage the economies of local communities. The OFWs turned entrepreneurs can start their own business or invest in a business created by the Business Incubation Program.
David describes the SEEDS program. “Social Entrepreneurship and
As an example, Unlad Kabayan partnered with the local government unit of Linamon in Lanao del Norte for a banana chips livelihood project. Unlad provided help with the business feasibility studies, technology transfer, access to financial support and other services that ensured the project’s sustainability. An under-utilized building was converted into a center. David enthuses, “Natututukan nila ngayon is banana chip making ng mga OFWs. Meron silang reflexology. Meron silang training center. Isa pa sa
The Business Incubation Program functions much like the more commonly known B.O.T. (Build-Operate-Transfer). Manuel rationalizes, “Papaandarin natin. Kung magiging maganda resulta, and then offer natin sa mga OFW na gustong mag-invest. Yun kasi ang unang-unang hinahanap ng mga OFW, yung proof na talagang nag-e-exist para ma-engganyo sila mag-invest o mag-save.”
The FAMDEV Integrated Agribusiness Farm had an investment of Php 2.5M from seven migrant savings associations. The farm in Malaybalay, Bukidnon employs 60 full time and seasonal workers for its various livelihood activities including a piggery, goat raising, quail production, organic free-range poultry, various vegetables, and cutflowers.
Unlad Kabayan is also actively promoting its Cococoire project. Cococoire is a byproduct of coconut husk and has many uses. The famous car manufacturer, Mercedes Benz purportedly uses it as its car foam. Cococoire is also used for ornamental plants, lanterns, pillows, beddings, and to prevent soil erosion.
As parting words, Manuel has this advice to their OFW clients. “Sa tingin ko, from the time na nag-isip sila mag-abroad to the time na makaalis sila, kailangan isipin nila iyong pagbalik nila. Iyong pag-alis, temporary iyon eh. Iinvolve nila iyong family.”
David adds, “Wag masyadong aasa sa gobyerno. Planuhin ninyo na mabuti. As much as possible, mag-iipon ka doon. And then pag nag-invest ka sa isa sa mga enterprises sa Unlad, hindi mo lang matutulungan iyong sarili mo, pati community mo.”
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