BANGKO Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. and Citi Country Officer for the Philippines Batara Sianturi led the launching ceremonies of the annual Citi Microentrepreneurship Awards (CMA) at the Executive Business Center of BSP.
Microfinance champions come together to give recognition to outstanding microentrepreneurs.
Now on its 11th year, the awards program continues to be successful in increasing awareness for microfinance and providing incentives to microentrepreneurs in the country. Funded by Citi Foundation, this nationwide search is a partnership among BSP, Citi Philippines and the Microfinance Council of the Philippines, Inc. (MCPI).
Citi Country Officer for the Philippines Batara Sianturi chats with Monetary Board member Felipe Medalla at the sidelines.
CMA 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 34 other countries. Over the last decade, it has recognized 86 Filipinos, a number of whom have grown their businesses significantly in terms of profits and assets.
“These individuals are true models of tenacity and a rich source of inspiring life-long lessons for everyone. To us at the Bangko Sentral ng Pilipinas, the saga of our microentrepreneurs’ success is a constant reminder of the empowering benefits of gaining access to financial services,” said Tetangco.
“Citi is privileged to partner with BSP and MCPI in drawing the spotlight to microfinance and entrepreneurship as sustainable solutions to poverty,” said Sianturi. “Each year, we celebrate the success of our individual winners for their economic heroism that play a big role in the development of their communities and the larger society.”
In his keynote, Central Bank Governor Amando Tetangco said the awards is one tangible example of a successful and meaningful partnership against poverty, with Citi, the Citi Foundation, the MCPI and the Bangko Sentral working together toward a shared goal.
Tetangco and Sianturi serve as co-chairpersons of the National Selection Committee that determines the winners. Other members include industry and community leaders such as former Monetary Board member Antonino Alindogan, Jr., Ayala Corporation President and COO Fernando Zobel de Ayala, RFM Corporation President and CEO Jose Concepcion III, GMA Network Chairman Atty. Felipe Gozon, Robinsons Retail Group President and COO Robina Gokongwei-Pe, Philippine Daily Inquirer chairperson Marixi Prieto, and Ateneo de Manila University Professor Dr. Darwin Yu. This year, Ms. Loida Nicolas-Lewis has also accepted the invitation to serve.
In 2012, over 100 nominations were received from 28 microfinance institutions, rural banks and cooperatives from Luzon, Visayas and Mindanao, and the organizers expect to get the same support if not more for this year. Of the nominations received, four winners will be chosen. One will be named the Citi Microentrepreneur of the Year, while three others will be hailed as regional winners for Luzon, Visayas, and Mindanao.
2012 Citi Microentrepreneurship Awards winners – National Winner Floraiwin Cainglet and Special Award for Social Innovation winner Lenieflor Ico.
The awards are open to microenterprises with assets worth P300,000 to P3 million. There will also be a special award for enterprises with assets below P300,000 and another special award on innovation. A special award for sustainability is being introduced this year, which will recognize a past CMA winner with a proven track record of business growth.
The winner of the Citi Microentrepreneur of the Year Award will receive P200,000 while the three regional awardees and special awardees will each get P100,000. The loan officers of each awardee are also entitled to 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 entrepreneurship training at the Citi Microenterprise Development Center, CMA winners will also be entitled to one laptop and basic computer training starting this year. They also gain automatic membership to the CMA Alumni Network to build their market connections.
“Through the years, Citi has shown strong support for microfinance and microenterprise development. We remain committed to doing our share in building a better future for the country,” Sianturi concluded.
(From Business World Online)