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Wednesday, July 24, 2024

DTI, USAID team up to empower young entrepreneurs

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The Department of Trade and Industry Region 6 teamed up with the United States Agency for International Development (USAID) Opportunity 2.0 Program for the launch of 2024 Youth Entrepreneurship Program: You Can Be Your Own Boss (YEP-BYOB).

Composed of 30 aspiring young entrepreneurs from Western Visayas, the three-day program was designed to equip aspiring business owners with the essential skills and knowledge needed to thrive in today’s competitive market.

The program’s enhanced curriculum aimed to develop both soft skills and essential business knowledge, providing participants with a well-rounded foundation for their entrepreneurial journeys.

DTI R6 regional director Rachel Nufable virtually opened the event, emphasizing the DTI’s commitment to nurturing young talent.

“This program represents our dedication to supporting young entrepreneurs and creating a thriving ecosystem and seedbed for startups in Western Visayas,” she said.

Bridging the gap in entrepreneurship education through business management training for aspiring entrepreneurs, the program aligns with Republic Act No. 10679, also known as the Youth Entrepreneurship Act, which mandates the integration of youth entrepreneurship promotion into national policies and programs—supporting micro, small and medium enterprises development.

YEP-BYOB targets Filipino youth aged 15 to 30, including out-of-school youth, in-school youth, indigenous youth, youth with disabilities and youth organizations, ensuring an inclusive and diverse participant pool.

The initiative is part of a broader effort to address the Philippines’ demographic dividend. In Western Visayas alone, the youth population exceeds 4 million, accounting for 50 percent to 52 percent of the region’s total population.

The demographic presents both a challenge and an opportunity for economic growth and development.

A similar initiative, the YEP Bootcamp for Young Entrepreneurs (BYE), is scheduled for September 2024. All these programs are part of the DTI’s broader strategy to foster entrepreneurship and economic growth in Western Visayas, harnessing the potential of the region’s substantial youth population.

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