Inspiring overseas Filipino workers (OFWs) to become entrepreneurs was the objective of a tie-up between the business advocacy group Go Negosyo and First Lady Louise “Liza” Araneta Marcos through the Balik-Bayan Summit 2024 where P3 million was distributed to OFWs and their families for use as seed capital.

The First Lady attended the summit on behalf of her husband, President Ferdinand Marcos Jr. She conveyed the President’s intent to inspire entrepreneurship by providing an additional P2 million to participants, on top of the P1 million in cash and other prizes.

Balik-Bayan 2024, organized by Go Negosyo, offered a dynamic lineup of informative discussions led by industry leaders, alongside inspiring sessions that showcased successful entrepreneurs.

The event also featured free onsite mentorship opportunities, allowing OFWs and their families to consult with Go Negosyo mentors on their current or prospective businesses.

Guiding budding entrepreneurs

Go Negosyo founder Joey Concepcion urged OFWs to learn from the sessions and continue to engage the mentors for guidance.

“We don’t want you to spend your savings without proper mentorship,” he said. “We are here to help you,” as he thanked the OFW families for their sacrifice and support for family members who worked overseas.

“Balik-Bayan 2024 is a platform to provide business opportunities and foster investment matches for OFWs, encouraging them toward entrepreneurship and ensuring that their hard work and resources are put to productive and profitable use,” Concepcion said.

Joining Concepcion and the First Lady were Trade and Industry Secretary Cristina Roque, Migrant Workers Secretary Hans Leo Cacdac and Pasay City Mayor Emi Calixto-Rubiano.

Cacdac extolled Go Negosyo for organizing the event. “Today is about creating opportunities for collaborations and uplifting not only OFWs and their families but the entire Filipino people,” he said.

He said the Department of Migrant Workers supported the reintegration of OFWs into the economy through programs for continuous learning to help them retool and upskill.

The DMW chief boasted of the more than 2,000 beneficiaries of the economic reintegration program and the launch of a national network for the campaign in coordination with the DTI.

The event also saw the awarding of the 2024 Inspiring Balik-Bayan Awards.

The awardees successfully founded their businesses in the Philippines. The Inspiring Balik-Bayan Awards is an annual event organized by Go Negosyo to recognize the success stories of OFWs-turned-entrepreneurs, celebrate their achievements and foster their entrepreneurial aspirations.

The event held several forums and discussions, including mentoring children in business, preparing for retirement, creating purpose-driven work, financial literacy and platforms for possible OFW businesses, including franchising, agripreneurship, and storytelling, and content creation as a tool in setting up a business.