Capturing the spirit of YEP 2024: Young entrepreneurs and facilitators from DTI Region VI and USAID in a group photo on the first day of the training held on July 03, 2024 at District21 Hotel, Iloilo City

WESTERN VISAYAS – The Department of Trade and Industry (DTI) Region VI has launched its 2024 Youth Entrepreneurship Program: You Can Be Your Own Boss (YEP-BYOB) on July 3 at District21 Hotel, Iloilo City. This three-day training program, running until July 5, brings together 30 aspiring young entrepreneurs from across Western Visayas.

YEP-BYOB, a strategic collaboration between the USAID Opportunity 2.0 Program and DTI’s Youth Entrepreneurship Program, offers an enhanced curriculum designed to develop both soft skills and essential business knowledge crucial for budding entrepreneurs.

DTI VI Regional Director Rachel Nufable virtually opened the event, emphasizing 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,” RD Nufable stated.

This 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 to 52 percent of the region’s total population. This demographic presents both a challenge and an opportunity for economic growth and development.

YEP-BYOB is designed to bridge the gap in entrepreneurship education. Studies have shown that while many Filipinos see business opportunities, a significant number lack formal training in business management.

Young entrepreneurs from across the region collaborate on activities at this year’s Youth Entrepreneurship Program

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 MSME development.

Targeting Filipino youth aged 15-30, the program includes out-of-school youth, in-school youth, indigenous youth, youth with disabilities, and youth organizations. This inclusive approach ensures that a diverse range of young entrepreneurs can benefit from the program.

Throughout the three-day event, participants will engage in workshops, interactive sessions, and networking opportunities. Topics covered include product development, financial planning, marketing strategies, and investor relations.

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

Through YEP, DTI continues its mission to empower and inspire the next generation of business leaders, contributing significantly to the region’s economic development. ♦

Date of release: 05 August 2024

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