Advice to would-be business owners: ‘No need to go home soon, start slow’

Velma Jane Lao, Local Economic & Investment Promotion Officer of the Province of Iloilo (second from right) with Deputy Consul General Deric Atienza and other Province of Iloilo officials

FILIPINOS working overseas wishing to put up their own business in the Philippines need not immediately go home to do so, an official of Iloilo province said.

Velma Jane Lao, local economic & investment promotion officer of the province of Iloilo, told Hong Kong News would-be entrepreneurs only need to find a person they trust to help them manage the business while they are working in Hong Kong.

“It might be very abrupt to recommend to them to leave their source of income, their source of capitalization. Maybe they can start with somebody they trust who can start their business, somebody they can really trust,” said Lao.

However, those who have saved enough capital for their business venture could opt to go home and put up their shop or store.

“Kasi it will be very difficult, unless they already have the capitalization or savings na stable na pwede na talagang mag-start ng business,” Lao said.

She said a “slow transition” is more advisable for OFWs considering to go into full-time business.

“What they can do when they start out is to try it out for one year, and when they get comfortable, and then that’s the time na umuwi na, kasi in case na mag-flop ang business [they have a fallback],” Lao said.

In Iloilo, she added, business opportunities abound in the agricultural and tourism sectors.

“But it has to be in their interests, and depende sa location and sa target market. In turn, we can help them prepare their business plan, and connect them with MFIs (microfinance institutions),” she said.

The Business Development Community of the Philippine Association of Hong Kong (PAHK) is set to hold a roadshow to promote Iloilo as an investment site for business leaders from Hong Kong and
mainland China.

Rex Aguado, PAHK president, said the group will be holding a tour in Iloilo for potential investors from Hong Kong, Hainan, Shenzhen, Guangzhou, Chengdu, and Fujian on May 18-21.

He said Iloilo would be the first destination because the city and its officials are ready to meet with potential investors. The group and Iloilo officials, led by Mayor Jed Mabilog and Board Member Renee Valencia, first met with potential investors from Hong Kong at the Foreign Correspondents’ Club on Apr. 21.