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Presidential Consultant on Entrepreneurship Jose Concepcion III said the only solution to fight poverty is entrepreneurship. “The greatest problem is poverty and the only equalizer is to give these kids education,” he said.

That is why the government, in partnership with the private sector, has initiated a project that would teach millions of out-of-school youth (OSY) nationwide to become entrepreneurs to help reduce poverty incidence in the country.

The initiative will see the Department of Social Welfare and Development (DSWD), the National Youth Commission and the Philippine Center for Entrepreneurship-Go Negosyo embarking on a project that aims to create a framework on mentoring OSY on entrepreneurship. The said project is funded by the Asia Pacific Economic Cooperation (APEC) with a grant of $97,610 or P4.7 million.

Gerelyn Balneg, director of the DSWD’s Policy Development and Planning Bureau said, “The framework could be used a guide or a reference by APEC-member countries in providing the necessary assistance for coaching the OSY.”

The program is a three-day seminar workshop participated in by young entrepreneurs from the country, as well as other APEC member-nations like China, Japan and Indonesia. Balneg said various government and non-government agencies are utilizing the framework used by the business sector in their programs for the OSY.

Balneg said, “We have to understand OSYs also have some peculiar needs or development requirements that may not be necessarily fit in the framework used right now by the private sector.”

“They have high potential in being entrepreneurs… but only if the necessary support mechanisms are in place. Funding is important because while they may have the capacity to develop businesses, if they don’t have the necessary financing that would really not be realized,” she added, pointing out to the need for government agencies and the private sector to develop a micro-credit mechanism that can be accessed by the OSY to finance their business proposals.