Singapore-based Pinoy workers urged to invest in agri business

The Department of Agriculture (DA) is encouraging overseas Filipino workers (OFWs) in Singapore to channel their hard-earned savings into agricultural enterprises in the Philippines, seeking to turn overseas earnings into sustainable livelihoods, new businesses and jobs back home.

The initiative gathered 127 Filipino workers at the second Usapang Agribiz sa Singapore on Oct. 25, where participants explored investment opportunities and government support available to aspiring agripreneurs.

DA Assistant Secretary Genevieve Velicaria-Guevarra said the Balik Agri-OFW Reintegration Program aims to make government services and agricultural business assistance more accessible to Filipinos working abroad.

She said the program seeks to equip aspiring entrepreneurs with the knowledge and preparation needed to establish viable agricultural ventures upon their return to the country.

The Department of Migrant Workers (DMW) estimates that Singapore generates about US$2.45 billion in annual remittances, making it the second-largest source of OFW remittances. The DA sees these earnings as a potential source of investment capital for agriculture and related businesses.

However, the agency stressed that having savings alone does not guarantee success in agribusiness. Prospective investors must understand market demand, production and operating expenses, regulatory requirements and the risks associated with agricultural enterprises.

“Our goal is simple: from being an OFW with a dream to have a business, we will help you to become prepared, knowledgeable, and successful agripreneurs in the Philippines,” Velicaria-Guevarra said.

The government’s initiative comes as approximately 220,000 Filipinos live and work in Singapore, including professionals, skilled workers and household service workers.

By encouraging these overseas Filipinos to consider agriculture as a business opportunity, the DA hopes to help returning workers establish income-generating enterprises while contributing to domestic food production and economic activity.

The initiative forms part of broader efforts to prepare OFWs for reintegration into the Philippine economy by helping them make informed investment decisions before ending their overseas employment.

For prospective agripreneurs, the challenge will be to turn accumulated savings and business ambitions into sustainable ventures supported by sound planning, market knowledge and a clear understanding of the risks involved.