Bantay OCW (Ang Boses ng OFW)

Do OFWs make successful entrepreneurs?

/ 12:12 AM November 04, 2012

It is often said that the major reasons Filipino workers go overseas is to be able to acquire their own house and lot, provide better education for their children, and establish a sustainable business.

There are many success stories. But some also fail. There are overseas Filipino workers (OFWs) who, after many years toiling abroad, were not able to build their own homes; whose children did not finish school; and whose business ventures flopped.


Some OFWs begin building businesses while still  abroad. In addition to their savings, they take out additional loans for their project. When  their ventures suffer financial loss, they are buried in debt.

More often than not, OFWs initiate setting up a  business. They have their own ideas about how it should be operated.  They get their family members or relatives to handle it.


In quite a number of cases, their family members or relatives are not able to make a go of the business. One reason for the failure could be lack of knowledge and experience. Also, the family back home may  not really like the nature of the business. Financial management skills could also be lacking.

Proper planning

So is it possible for our OFWs to become successful business owners?

According to our financial counselor Joyce ‘Josa’ Delovieres, proper planning should be prioritized by OFWs and their loved ones. This could involve cutting household expenses to increase savings.

Starting a businesses should not be an overnight decision.  It needs to be well-thought, well-planned, well-prepared, and should be handled by people who have enough knowledge in  and passion for the type of  business chosen.

Many OFWs end up renewing their overseas contracts over and over again  because nothing happens to the businesses they set up.

Susan Andes, aka Susan K. is on board at Radyo Inquirer 990 dzIQ AM, Monday to Friday 12:30-2 p.m. with audio/video live streaming: www.dziq.am.



Hotlines:  5357209/ 8819423/0920-968-4700.

E-mail: [email protected] / [email protected]

Read Next
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: entrepreneur, OFW, Overseas Filipino workers
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.