Helping Hand

By: Icy Luzano

Philippine Youth Business Foundation (PYBF), is a nonprofit, non stock organization under the Prince of Wale’s Youth Business International (YBI) network. It aims to empower the next generation of entrepreneurs and eventually bridge the unemployment gap in the country.

The PYBF provides start up funds from P15,000 to P200,000 to deserving would-be entrepreneurs between the ages 18 and 30 who have clear business ideas. A mentor is then assigned to give continuing business advice to the beneficiary.

Since 2003, the PYBF has turned a total of 19 young Filipinos into businesspeople. Their businesses have in turn created a total of 56 jobs.

John Baybay, the PYBF executive director says that PYBF hopes to fill the vacuum left by banks and microfinanciers, which are unlikely to lend cash to people who have just stepped out of college.

PYBF has a panel that assesses not only how much potential beneficiary needs but also helps figure out which business plan is the most feasible. It also provides young entrepreneurs access to other business networks.

Besides creating jobs, the PYBF program also helps young entrepreneurs avoid bureaucracy and red tape usually encountered in government-run or private financing institutions. More importantly, it gives an option to young Filipinos who would otherwise leave and work abroad to earn their livelihood.