How can we have peace? How can we end war and poverty?
We are all products of evolution and by now we must have learned a lot from the lessons our ancestors left us. We are all connected without time and distance barriers. The internet offers vast information and serves as a level playing field for all. But again, why many people find it difficult to survive and many people fight against each other?
So my thinking was always to find a good job. But when I got tired working like a horse day and night, almost seven (7) days a week, the enterprising part of me was contemplating -- "If we are employed, our source of revenue is linear. So we calculate the number of hours we work multiplied by the rate per hour, and we arrived at our monthly earnings. Then we deduct our fixed and variable expenses. How much is left for eight (8) people to go on living? With the prices skyrocketing, it is very tough to survive."
Like most Filipinas, I've been a 'rubber band', stretching myself beyond my limit, for a long time. More than a decade ago I joined the Filipinos choosing to work abroad to beat hard times so their families could get through. Many things have happened since then -- but as I look back I am truly grateful for the gift of life and resilience, for the education of my three (3) children, for the heaven-sent human angels I respect deeply and love immensely, and for the country that silently witnessed my journey.
United Arab Emirates (UAE) is a favorite destination to 200+ nationalities. More or less 600,000 overseas Filipino workers (OFWs) are here. If we add the number of OF tourists and undocumented ones, maybe there are a million OFs scattered here.
On 13 June 2018, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced strategic decisions that will be an important game changer to create opportunities for expatriates to survive and thrive.
This announcement is a huge good news as many entrepreneurs will be interested to start their own businesses. There will be no required AED3K bank deposit as a guarantee for each employee. Instead, an insurance fee of AED60 / year will be collected. This is a win-win situation as every single employer reduces business expenses, and all workers are covered by the insurance policy entitlements to end-of-service benefits, vacation and overtime allowances, unpaid wages, worker's return ticket and in cases of work injury, insurance coverage up to AED20K per worker.
Per Khaleej Times, there is AED14B value of current guarantees paid by the private employers. This is a big amount that could have been invested by the private employers in the expansion of their businesses. When their companies grow, they hire more people. The more people gainfully employed, the more flow of money.
Assuming a Filipino employee spends AED15 a day for food. Maybe it is more than that because many of them want to eat and drink with relatives and friends at home, in the coffee shops, restaurants, hotel conference rooms, beaches and parks, and create bonding moments. If there are 600,000 OFs, they spend AED270M per month gross base amount for basic foods and beverages alone. 5% VAT of that is roughly AED13.5M per month. It is a common observation that OFs are delighted to spend a part of the hard-earned money to purchase items to be sent in Balikbayan boxes to the Philippines, from UAE-based malls and stores -- which is also a way of giving back to the country that blesses them.
Entrepreneurship is a vehicle for economic growth. "Enhancement of ease" to invest in a business here will definitely boost rapid development. There will be many job opportunities, and all employed people will have resources to buy their needs and desires, and for fortunate ones, purchase some properties here.
This move will definitely help a lot of entrepreneurs / investors reduce the expenses as along the way there will be some human mistakes, errors or failures beyond control -- and there are related costs to learn more about the ropes of it. It will be a constructive approach to extend consideration and support to those who took the risks to set up businesses and let them grow where they planted their seeds. Who knows if they would be tomorrow's business unicorns and their stories would be case studies that can be used by future generations?
The influx of more highly spirited businessmen will help boost the real estate industry. More shared spaces or co-working stations and virtual offices will attract more investors particularly those who are on the go. More entrepreneurs means that more offices, commercial and residential spaces will be occupied.
A learning enthusiast, I hope that there will be affordable course offerings by schools, training centers and management consulting companies in cooperation with speakers and some business owners, to enhance the skills of entrepreneurs. Later they can add and connect one activity to the other in a single trade license, to boost revenues while reducing costs. What about mobile schools as there are mobile canteen / food trucks? Bring them to parks. Or what about learning in the coffee shops, or cubicles in restaurants providing private areas for families?
The leaders here passionately make innovative ways to respond to the call of times. That 'ease' in doing things is a lubricating solution to allow fast movement of eco-bloom carriers. Before the target implementation in the last quarter of 2018, surely there will be more ideas that will be brought to the authorities' attention who will connect possibilities and opportunities -- all for common good.
Entrepreneurs / investors contribute greatly to economic prosperity. They provide growth engines. It will be easier to create a paradise of peace if all people thrive and nobody is left behind.
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