OVERSEAS FILIPINO WORKERS all over the world now have a chance to own or co-own big or small franchised businesses, through payment schemes and acquisition terms that are very friendly to them.
Leo Hernandez, a management consultant, business school lecturer and cooperatives expert, has come up with an innovative program that would enable OFWs to become part owners of leading fast food franchises, by investing any amount they can afford. Hernandez said the key to the success of the program is the cooperative approach, because it is the only way of opening the opportunity to small investors while protecting their investments with ownership certificates at the same time.
As an initial goal, Hernandez is now organizing the first cooperative that would buy a Jollibee franchise located in Metro Manila. Hernandez said that the franchise is sure to cost millions of pesos, but ?there is nothing that the OFWs could not afford to buy if they would just put their money together, ambag-ambag (contribution) style.?
Citing some figures, Hernandez said that 100 OFWs investing $1,000 each could already generate close to P5 million. He said that this could have a multiplier effect according to him, since it would be very easy to add more OFW investors to the original 100 because of the security conferred by the ownership certificates.
Hernandez also said that being a part owner of a Jollibee franchise is definitely a better and safer investment than owning a tricycle or taxi, the usual choices of returning OFWs without an investment plan. ?That is basically going to be our appeal, our ability to channel their hard earned money into investments that have more chances of earning, and therefore with lesser chances of failure,? Hernandez added.
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