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 (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 BangkoSentralngPilipinas
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 advocated financial inclusion as a way of bringing the
financial system closer to all Filipinos, especially to the financially
underserved and unserved. The overall vision is to build an inclusive financial
system that will support inclusive growth.
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
About Citi
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
