Business in the Philippines for OFW

OFWs in SingaporeWe all want a good future. That is why most of us are willing to sacrifice almost anything just to attain that bright future, especially if that future is for our family and loved ones.

Overseas Filipino Workers or OFWs endure the loneliness and pain of being apart from their family just to earn higher income and better opportunity to support their family back in the Philippines.

Aside from the attractive salaries that are waiting for Filipinos who work abroad, there are also these enticing opportunities to travel abroad, meet foreign people, taste different culture and way of living, build a better career, and fulfill one’s personal dreams.

However, every benefit comes with a cost. Working overseas has its own pros and cons. Behind the bigger salaries and a brighter hope for an economic future, there are also drawbacks in giving your labor and skills to foreign employers. These disadvantages include homesickness, losing the time to personally take care of your family, and discrimination against Filipino immigrants.

Stronger peso
Recently, the series of news are insinuating the strengthening of our own currency – the Philippine Peso. With the increase of the value of Peso, OFWs and Filipino exporters of goods and services are alarmed with their decreasing earnings dominated in foreign currencies that are weakening in value like the US dollar.

A stronger peso could be a sign of a stronger economy. It could be an advantage for importers and eventually for local consumers. But on the other hand, the stronger peso is unfavorable for exporters of goods and exporters of services, like the OFWs and BPO providers.

For OFWs, whose money remittances to the Philippines are the cause of the stronger peso, they are also the ones who are suffering from this scenario. With this, OFWs have to save their hard-earned money for any contingency. They should not just rely on their income from foreign employment alone, but they should also look for other income sources that also offer bright futures – futures that even brighter than what overseas working is offering.

Considering entrepreneurship
Our countrymen should realize that jobs abroad are not for permanent source of income. They have to secure their future by saving their money and investing them into profitable ventures.

One of the feats our OFWs could try is to enter into business or entrepreneurship. I have published in one of my previous posts a list of business ideas for OFWs. These include small online business ideas, like blogging and web services, which can be started even while they’re still working abroad.

But a good business in the Philippines for OFW to start doesn’t matter if it’s online or offline. It doesn’t matter if it’s hot or not. What matters in the business you will start is the passion, skills, and potentials you have to succeed such business.

There’s a lot of things to learn to succeed in any business. You could be the best employee or worker in the world, but it doesn’t guarantee that you could also be a good businessperson or entrepreneur.

Doing business and running your own enterprise takes a lot of courage and sacrifice – sacrifices that may even be harder than your sacrifices as an OFW. Remember that in running a business, you are not only serving a single employer, but you are serving (with full responsibility) a lot of customers, not to mention you also have to manage and lead your employees.

Therefore, whether you do business part-time or full-time – you have to be passionate and be sincere about it. This is because a successful business is not only a source of income, but it is also a source of life.

You may read our post about a list of 16 business ideas for OFWs that you may consider in starting your own business. Remember that you could also come up with your own idea that you believe you can succeed no matter what challenges you will face along the way.

To your success!

Victorino Abrugar is a retired CPA practitioner, a blogger, speaker, and an entrepreneur. He's the President of Optixor, Inc., a digital marketing company based in the Philippines. Follow him on Twitter at @viclogic.

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