Overseas Filipino Workers (OFWs) are considered modern-day heroes due to the fact that their remittances contribute 10% of Philippines’ Gross Domestic Product (GDP). Aside from the immediate purpose of bringing a better life for their families, OFWs ultimate goal is to save to put up their own business that will provide steady income once they decide to come back home. Aside from saving, another option to get capital is getting loan.
One of the easiest types of loan is the overseas filipino workers (OFW) loan or if you are just around Singapore, you can check out personal loan for foreigners in Singapore. The approval period is also fast. Once you are able to pay the outstanding amount of loan, you can apply for a larger amount.
Top 3 Business Ventures recommended to OFWs
- Travel Agency
If you love travelling, invest your money to start a travel agency. A travel agency offers ticket booking, tour packages, passport and Visa assistance. It allows you to pursue your passion and promote the beauty of the Philippines. Use your experience abroad to attract clients here and abroad.
- Recruitment Service Agency
As OFW, you know the basic steps and information regarding workers recruitment. Of course, you need to apply for a Philippine Overseas Employment Administration (POEA) accreditation before you can start your recruitment agency aside from other necessary permits and licenses. As legitimate agency, you can help Filipino workers find jobs abroad. If you need additional fund for start-up expenditures, find the best licensed money lending agency that offer such loan.
- Buy & Sell Imported Goods
One of the best way to augment your earnings while working abroad as OFW is buy imported items and sell them in the Philippines. In this type of business, your family can help you in marketing and delivery aspects. You can start by per order basis. Once you have established your buy and sell business, you can put up your own store back home or an online store. Promotion is easy, thanks to social media and internet.
These are just some of interesting and lucrative ways to earn money while you are still working abroad. Once it is well-established and gaining profits, going back home to be with the family will be easier.