DOLE offers P500,000 to seafarer with best business plan

The Department of Labor and Employment (DOLE) is encouraging seafarers and their families to submit a business proposal, promising cash prize to the best one.

The annual nationwide business plan competition, now on its third year, is a project of DOLE-National Reintegration Center for OFWs, in partnership with the Integrated Seafarers of the Philippines (ISP), and is open to returning seafarers.

"We encourage our seafarers and their families who were not able to join in the past years to submit their business proposals,"  said NRCO Director Jeffrey Cortazar. "This is definitely their chance to join the competition."

The competition, dubbed  ‘From Seafarers to Entrepreneurs: The 2017 NRCO-ISP Business Plan Competition (Harnessing Seafarers’ Capacities for Business Enterprises Development), was launched on Wednesday in Manila.

Cortazar said unlike in the past two years where only agri-business inclined proposals were accepted, this year’s competition will accept all start-up business plan proposals.

The period of submission starts on June 14 and will last until September 8, 2017. The awarding ceremony is slated on November 10, 2017.

According to DOLE, the Top 10 winners will receive incentives and other consolation prizes, and the grand winner will get P500,000 cash prize, all to be put up by the ISP.

"This initiative is primarily designed to foster development of new businesses in the hometowns of seafarers and their families, thus contribute to the growth of jobs in their communities," Cortazar said. —KBK, GMA News