P500,000 cash prize awaits seafarer with best business plan

  • Seafarers are urged to participate in the National Registration Center for OFWs (NRCO) – ISP Business Plan Competition
  • The contest, launched by the Department of Labor and Employment (DOLE) in cooperation with the Integrated Seafarers of the Philippines (ISP), aims to encourage seafarers to become entrepreneurs
  • Best entry will be proclaimed as winner with a corresponding cash prize of P500,000

In an objective to encourage seafarers to become entrepreneurs, the Department of Labor and Employment (DOLE) in cooperation with the Integrated Seafarers of the Philippines (ISP) launched a contest dubbed National Registration Center for OFWs (NRCO) – ISP Business Plan Competition.

The contest which aims to help seafarers set up their own income-generating ventures after they retire, offers a prize of P500,000 to serve as start-up capital for their new business, an article written by Rie Takumi on GMA News Online mentioned.

Those who are interested to join are required to submit their business plans or business concepts preferably related to agriculture.

ISP president Capt. Gaudencio Morales, said the contest aims to transform the lives of seafarers and their families especially during after retirement.

Morales said that active seafarers planning to retire or start their own business and inactive seafarers who have been in the Philippines for not more than five years may join the second iteration of the competition.

From the list of participants, judges will then choose 10 finalists who will undergo screening and mentoring activities until the awarding ceremony on November 11.

As for the criteria in judging, Morales disclosed that business plans will be judged according to the content of the plan, its impact on the seafarer’s community, and its financial viability.

The cash prize worth P500,000 will be released in three trenches. Winner will also be assisted by the local government units in business registration and other services.

Entry forms, seafarer’s ID, and business plan samples may be acquired and submitted to the NRCO website until August 19.

Loading…