Women are the lifeblood of the community. All over the world, including the Philippines, women support their families and breathe life to the local economy through their hard work.
Recognizing the critical role of women in economic growth and community development, The Coca-Cola Company is fully committed to empower 5 million women all over the world by 2020 by providing them access to tools that help them grow their business. This vision comes alive in the 5by20 program, which has supported women microentrepreneurs in their business endeavors and helped them overcome myriad business barriers.
In the Philippines, the 5by20 program is running in full swing. Over the past few years, it has provided women micro entrepreneurs, most of who lack training, with formal programs that help cultivate their business acumen and allow them to successfully grow their business ventures.
Inspired by the success of its recipients, The Coca-Cola Company is taking steps to scale up the 5by20 program in the country. To achieve its goal of reaching more women entrepreneurs, Coca-Cola Philippines has linked up with several microfinance institutions (MFI) with presence across the country – ASA Philippines, Negros Women for Tomorrow Foundation (NWTF), and Alalay sa Kaunlaran, Incorporated (ASKI) to provide practical advise on how to manage their businesses and let them know tools available to them.
With a nationwide presence, especially in the poorest provinces of the country, ASA Philippines caters to more than a million borrowers, all who rely on ASA Philippines to help them rise out of poverty. Its main products include microfinance loans, micro savings services, and a free hospitalization benefit all especially to meet the unqiue needs of micro entrepreneurs.
Coca-Cola Philippines has also teamed up with Negros Women for Tomorrow Foundation (NWTF), which is committed to strengthen communities by providing sustainable financial and client responsive developmental services to the poor, as well as non-financial services that include capacity building, generating bankable business plans, personal wealth management and saving generation. To date, NWTF has nearly 90 branches across Visayas and mainland Palawan, with 239,743 active borrowers and a loan portfolio of P1.34B.
Also partnering with Coca-Cola Philippines is Alalay sa Kaunlaran, Incorporated (ASKI), a gender-sensitive microfinance institution which provides credit to those who do not have access to which provides credit to financial institutions, establishing market links and networks with private and public sectors.
Through the partnership with various microfinance institutions present across the country, Coca-Cola is confident it can effectively reach out to more women micro entrepreneurs and provide the skills that will let them better manage their businesses.
“Clearly, there is a strong synergy between Coca-Cola and our MFI partners for our programs and 5by20. We intend to provide women micro entrepreneurs with the knowledge and the tools that will put them on the road to financial self-sufficiency,” said Atty. Adel Tamano, VP for Public Affairs and Communications, Coca-Cola Philippines.
The 5by20 conventions were held in Iligan, Naga, Tacloban, Nueva Ecija, and Gensan. The last last one will be held in Bulacan on December 14. The conventions will cover the basics of entrepreneurship, including lectures on savings for business and a merchandising lecture from FEMSA.
Over 1,200 microentrepreneurs, mainly sari-sari store and carinderia owners, are expected to join the Bulacan event.
Beyond the introduction of the program to the women, the convention is also a fun activity for the micro entrepreneurs. It includes an exciting raffle, where two grand prizes will be given to the lucky winners a sari-sari store and a carinderia extreme makeover worth P250,000 each, plus merchandise worth P50,000. Five minor raffle prizes consisting of P20,000 worth of merchandise will also be given.
Through the partnership, ASA Philippines, NWTF, ASKI and Coca-Cola is positive that that it will help enable more Filipino women micro entrepreneurs to attain economic self-sufficiency and break free from the chains of poverty.