OFWs can pave the way for MSMEs to go global

Tap the over 10 million Filipinos working and residing abroad to make your way through to the global market, this according to FilipinoAmerican startup advocate Winston Damarillo as he encouraged micro-entrepreneurs to find a leverage in the bigger market.

"Let us balance on how country's economy through we look at them [OFWs]" remittances, but they can also Damarillo said explaining be good ambassadors of Pinoy that these global Pinoys are brands in the international not just heroes in boosting the market.

In this era of open market, the world is already becoming a market for players. Filipino entrepreneurs should leverage the presence of Pinoys in almost every part of the world.

He said it is a good way to "celebrate our internationality."

Tapping the world market, he said is not only for businesses that can afford to make presence and promote their brands abroad, and engaging these millions of Filipinos overseas would be a good start for small businesses.

"They [global Pinoys] patronize our exports. They miss the Philippines," added Damarillo.

The Bangko Sentral Ng Pilipinas (BSP) reported that money sent home by OFWs picked up where it left off last year by opening 2018 strong.

As of January this year, cash remittances, or remittances formally channeled through banks, totaled $2.379 billion in January 2018, representing 9.7 percent year-on-year growth from January 2017.

Remittances from landbased workers at $1.9 billion and sea-based at $500 million also increased by 8.4 percent and 15.3 percent respectively.

These remittances came mainly from the United States, United Arab Emirates, Saudi Arabia, Singapore, United Kingdom, Japan, Qatar, Canada, Kuwait, and Germany. These countries accounted for more than 80 percent of total cash remittances.

Damarillo said there is also another side of seeing these OFWs, they are also the biggest market that small businesses should be tapped in order to become a global player.

This kind of strategy will be further expounded during the upcoming OCEAN 18 (Open Collaboration for East Asian Nation) forum set on July 27, 2018 in Cebu at the Movenpick Resort and Spa in Mactan.