Over 400 Overseas Filipino Workers (OFWs) and their families have more reasons to celebrate OFW Month and the holiday season this December as they share the Php2 million in cash given by President Ferdinand Marcos Jr. and First Lady Liza Araneta Marcos during Go Negosyo’s Balik-Bayan 2024 event. The cash prize brought to Php3 million the total given away to OFWs and their families who attended the event, adding to the cash prizes given by Go Negosyo and its sponsors.
Go Negosyo founder Joey Concepcion thanked the President and the First Lady for their generous donation, and invited the recipients to put their prizes to good use as entrepreneurs. “We are grateful for the support of the government and the private sector in our efforts to help our OFWs become successful entrepreneurs,” he said.
The 400 were among the thousands who attended the Balik-Bayan 2024 last December 7; they were able to fulfill the documentary requirements needed to qualify for the cash prize. Most of those who came to collect their prize said they intend to use the money as additional capital for their small businesses. The cash gift was announced during the event by Go Negosyo founder Joey Concepcion, together with the First Lady, who conveyed President Marcos Jr.’s awarding of Php2 million on top of the cash and prizes given out that day. RFM Corporation also added Php1 million in products, while additional cash prizes were awarded by Go Negosyo to early-bird attendees, some of whom were lined up as early as the day before the event.
Organized by Go Negosyo, Balik-Bayan 2024 featured informative discussions with industry leaders, inspirational and learning sessions featuring successful entrepreneurs, and free onsite mentorship sessions where OFWs and their families can consult with Go Negosyo mentors about their current or planned businesses.
During the event, Concepcion invited the attendees to learn from the sessions and seek guidance from mentors. “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 work 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,” said Concepcion.
He explained that OFWs are ideally suited for entrepreneurship because they already have capital to invest, and will need the mentorship and access to markets to succeed as entrepreneurs. Their success will also mean more jobs for other Filipinos as MSMEs are credited for generating more than half of the employment in the Philippines.
Joining Concepcion and the First Lady during the event were Department of Trade and Industry (DTI) Sec. Cris Roque, Department of Migrant Workers (DMW) Sec. Hans Leo Cacdac, Commission on Filipinos Overseas Chairman Dante “Klink” Ang, and Pasay City Mayor Emi Calixto-Rubiano.
With the theme “Kabuhayan Para sa Kinabukasan”, Balik-Bayan 2024 became a platform for creating opportunities for collaboration between the government and the private sector as they aim to uplift not only OFWs and their families but also help the Philippine economy. The event featured several forums and discussions on topics that will help OFWs start or improve their small businesses. These include mentoring children in business, preparing for retirement, creating purpose-driven work, financial literacy, platforms for possible OFW businesses including franchising, agripreneurship, and storytelling and content creation as a tool in entrepreneurship.
The event also saw the awarding of the 2024 Inspiring Balik-Bayan Awards to OFWs who successfully founded businesses here in the Philippines. The Inspiring Balik-Bayan Awards is an annual award organized by Go Negosyo to recognize the success stories of OFWs-turned-entrepreneurs, celebrate their achievements, and foster entrepreneurial aspirations among current OFWs.
