News DOST allocates P5-million funding to help returning OFWs build...

DOST allocates P5-million funding to help returning OFWs build own business

-

- Advertisment -

As thousands of overseas Filipinos returned home amid the coronavirus outbreak, the Department of Science and Technology (DOST) is all set to allot an initial funding of Php5 million to help them put up their own business.

The government agency will allot the money for its iFWD PH (innovation for Filipinos Working Distantly from the Philippines) which aims to provide opportunities to overseas Filipino Workers (OFWs) to establish technology-based enterprise in their home country.

However, according to DOST Secretary Fortunato dela Pena, around 25 to 30 OFWs can be only accommodated this year.

“We official launched the program last Friday, and we are starting it soon. Initially, this program will be available in the NCR, and we would gradually roll this out to other regions in the future,” he was quoted as saying by PNA.

DOST will provide loan to the OFWs and they would return the amount with no interest.

As the guidelines haven’t been posted, de la Pena said OFWs may get the funding by showing counterpart funding–whether in cash or equipment.

He clarified that the counterpart funding needs to be the same amount that the DOST would provide.

“The businesses they would put up are required to be technology-based. It can be as simple as food processing, electronics, as long as there is technology involved,” he added.

Ryan Namia
Ryan Namia spends most of his days reading over drafts of new written content and determining which ones make the final cut for online and print publication. He received his Bachelor's degree in Journalism in 2015 and has been writing since 2016. Got story to tell? Email him at eic@theglobalfilipinomagazine.com.

Latest news

‘Being a Dakilang Bayani Awardee makes me want to do more’

2021 Dakilang Bayani Awardee Fevhie ‘Vhie’ Laurilla, upon being conferred with the highest award given by the...

Family appeals support for internment of deceased Dubai OFW

The family members and friends of Lea Miabeth Claur Arcitio, the overseas Filipino worker (OFW) in Dubai...

Dubai’s Philippine Consulate recognizes outstanding OFWs through Dakilang Bayani Awards

The Philippine Consulate General in Dubai recognized outstanding Filipino expats in Dubai and the Northern Emirates in...

Michael Cinco emerged as one of 2021 Dakilang Bayani Awardees

World-renowned Filipino fashion icon Michael Cinco emerged as one of the 2021 Dakilang Bayani Awardees, the highest...
- Advertisement -

Pursuing business opportunities? Filipino Institute now offers Entrepreneurship course

Filipino Institute introduced the Entrepreneurship course to both intrapreneurs, employees, and executives dealing with business opportunities, as...

Filipino Institute founder: ‘Independence Day is a reminder to develop ourselves’

During the virtual celebration of the 123rd anniversary of the proclamation of the Philippine Independence Day, Filipino...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you