Bangko Sentral ng Pilipinas, Citi Philippines and Microfinance Council of the Philippines – once again came together in their mission to recognize outstanding micro business owners with the launch of the 2016 Citi Microentrepreneurship Awards (CMA).
For 14 years now, the awards program a nationwide search for outstanding Filipino microentrepreneurs who have overtaken poverty and great odds has fruitfully strengthened the cause of microfinance and enterprise development in the country. This is done by recognizing entrepreneurs who have achieved personal success through the support of microfinance institutions.
In their respective welcoming remarks, both Citi Philippines CEO Aftad Ahmed and BSP Governor Amando Tetangco extolled the importance of microentrepreneurship in nation building and the roles their respective institutions play.
“Citi has always been highly committed to microfinance, entrepreneurship, and financial inclusion,” Ahmed shared. “We’ve been an exceptionally strong supporter and see it as a key corporate citizenship priority.”
Gov. Tetangco, for his part, highlighted the continued growth of microfinance in the country, thanks to the partnership between microentrepreneurs, banks, microfinance institutions, government agencies, civil society groups, and the private sector. “The environment for the development of the microfinance sector continues to improve based on sustained cooperation among industry stakeholders,” he remarked.
Also present during the launch to lend their support were members of the CMA National Selection Committee, among them: Philippine Daily Inquirer Chairperson Marixi Rufino-Prieto, Commission on Filipinos Overseas Chairperson Secretary Imelda Nicolas, and University of the Philippines-Diliman Chancellor Dr. Michael Tan.
BSP Monetary Board Member Felipe Medalla and Deputy Governor Nestor Espenilla, Jr, also came to lend their support.
On hand as well to share their respective success stories and to spread the good news were 2015 regional winners Ester Vitto from Luzon and Jordan Inalisan from the Visayas. Vitto candidly shared how she used her cash prize to expand her business beyond Philippine shores, while Inalisan in turn talked about his plans to further grow his business and where he drew his inspiration and courage to go on. His advice to budding entrepreneurs which drew applause from the audience: “Don’t use poverty as an excuse; instead use it to inspire yourself to work harder. Trust in your own skills and capacities to make things work, and make sure you share your blessings with others.”
The awards are open to microenterprises with assets worth P300,000 to P3 million. The national winner of the Citi Microentrepreneurship Awards will receive P200,000 while the three regional awardees, the youth awardee, and special awardees will get P100,000 each. Loan officers and MFI branches of each awardee are also entitled to a cash incentive of P10,000 while semi-finalists will receive a cash incentive of P10,000.
Beyond the award ceremonies, the CMA also ensures that awardees receive access to supplementary tools that can help them take their businesses to new heights. Aside from receiving microinsurance coverage and 9-day entrepreneurship training at the Citi Microenterprise Development Center, CMA winners will also be entitled to a laptop and basic computer training. They also gain automatic membership to the CMA Alumni Network to build their market connections and participate in a mentoring program that will help them further improve their businesses.
The awards program was introduced in 2002 as Citi celebrated its centennial in the Philippines and in Asia. Since then, it has been adopted as a global program and introduced in over 30 countries. Over the last decade, it has recognized over 100 Filipinos, a number of whom have grown their businesses significantly in terms of profits and assets.