06/14/2021 | Press release | Distributed by Public on 06/15/2021 05:02
Filipino innovation and 'bayanihan spirit' took center stage at the 18th Citi Microentrepreneurship Awards (CMA), where ten innovative, resilient, and hardworking Filipino microentrepreneurs were recently honored. The 10 awardees were picked by distinguished members of the business and financial community led by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno and Citi Philippines Chief Executive Officer Aftab Ahmed.
This year's CMA National Winner was awarded to Luzviminda Sunit from the Visayas region for her dried fish business. Luzviminda and her husband initially started selling dried fish with an income of P150. Today, all of her children have graduated from school and the business has expanded with stalls in the markets of Bogo City and Medellin in Cebu. They also deliver to the province of Leyte and with the growth of their business, now own six pump boats and two trucks.
Even with the pandemic hitting businesses hard, Luzviminda believes in the value of 'tulungan sa puhunan' or 'helping those in need' and helped her relatives and employees. She gave them a small capital as a source of income, just like how she was helped by the First Agro-Industrial Rural (FAIR) Bank when she first started the business.
Also honored during the event were Regional Awardee for Luzon Renalyn Brondial from Bataan, who won for her business called Willy's Cashew Nuts; Regional Awardee for Visayas Medelina Cansancio from Negros Occidental for her fried smoke and fish production; Regional Awardees for Mindanao Luz Bangos, owner of CCLM Hardware in Iligan City and Rosalyn Espenorio for her fish and vegetables talipapa.
Joymar Olarte from Pangasinan received the Youth Microentrepreneur of the Year Award for his fried chicken business called J&J Tasty Fried Chicken. Four microfinance clients were awarded the COVID Response Champion. They are: Florence Ao-wat for her weaving business called KINWA Etnika Handicrafts, Josephine de Lara for her cakes and pastries business called Lucille's Cakes and Pastries, Ivy Millare for Beb's-AJ Haus of Pies, and Dominador Vergara, Jr. for putting up the Maternal and Child Care Community Clinic, together with his wife who is a midwife by profession.
'We take this occasion to recognize our microentrepreneurs who, despite the odds, have shown great resourcefulness, courage, and resilience to flourish amid the COVID-19 pandemic. They bring a message of hope and perseverance in these challenging times,' said BSP Governor Benjamin Diokno in his message.
Citi Philippines CEO Aftab Ahmed praised this year's awardees for their resilience in effectively handling the challenges associated with the pandemic, 'We at Citi are delighted to have contributed to the growth of this program over the years. I believe CMA has achieved and surpassed the goals set 18 years ago. The program has helped mainstream microentrepreneurship, as well as increased awareness and acceptance of microfinance.'
'Citi Foundation continues with its mission to enable economic progress and improve the lives of people in low-income communities around the world. Citi also continues to invest in efforts that lead to greater financial inclusion and is constantly engaged in reimagining and redefining strategies to help build economically vibrant communities,' said Ahmed.
Established in 2002, the CMA has recognized more than 150 plus micro entrepreneurs who continue to strive and show determination in the businesses they established in their respective cities and provinces.
The awards program is a signature initiative of the Citi Foundation, and highlights the efforts of partners BSP, Citi Philippines, and the Microfinance Council of the Philippines, Inc. to strengthen microfinance and enterprise development, and financial inclusion in the country.
Aside from Diokno and Ahmed, other members of the National Selection Committee include Tourism Secretary Bernadette Romulo-Puyat, Trade and Industry Secretary Ramon Lopez, Ayala Corporation President and CEO Fernando Zobel de Ayala, Go Negosyo Founder and RFM Corporation President and CEO Jose Ma. Concepcion III, Samahan ng mga Pilipina para sa Reporma at Kaunlaran President Imelda Nicolas, JG Summit Holdings president Lance Gokongwei, ANC News Anchor and Writer Salve Duplito, GMA7 Network CEO and Chairman Felipe Gozon, Inquirer Group of Companies CEO Sandy Prieto-Romualdez, UP Diliman Chancellor Dr. Fidel Nemenzo, and SM Investments Corporation Vice Chairperson Teresita Sy-Coson.
About Bangko Sentral ng Pilipinas
The Bangko Sentral ng Pilipinas (BSP) is the country's central monetary authority committed to promote and maintain price stability, a stable financial system, and efficient payment and settlement system conducive to a balanced and sustainable growth of the economy.
Since 2000, the BSP has played a key role in increasing access to financial services to the entrepreneurial poor by mainstreaming microfinance in the banking sector. In 2007, the BSP embraced the goal of financial inclusion as a way of bringing the financial system closer to all Filipinos. With the passage of Republic Act No.11211 of 2019 amending the BSP charter, financial inclusion, along with its complementary objectives of financial literacy and consumer protection, has become an explicit mandate of the BSP. To this end, BSP strives to establish an enabling regulatory environment that allows a variety of players to viably serve the diverse needs of the unserved and vulnerable sectors of the economy. The Philippines is known for having one of the best regulatory frameworks for microfinance, and as a global leader in terms of having a conducive environment for financial inclusion.
About Citi Foundation
The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant communities. The Citi Foundation's 'More than Philanthropy' approach leverages the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation.
Additional information may be found at www.citifoundation.com
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
About the Microfinance Council of the Philippines, Inc.
The Microfinance Council of the Philippines, Inc. (MCPI) is the national network of microfinance institutions (MFIs) and support organizations in the Philippines advocating sustainable, innovative, and client-responsive solutions to poverty in the country. MCPI is currently comprised of 65 members (52 MFIs, 2 regional networks, and 11 support organizations) which account for 80 percent of the microfinance sector in the Philippines. Its key programs include advocacy, capacity building for MFIs, social performance management and client protection in microfinance, knowledge management, and network development.
Additional information may be found at www.microfinancecouncil.org