Microfinance Horizon

30 November 2010 [Malaya]

Citibank Philippines and the Citi Foundation, in partnership with the Bangko Sentral ng Pilipinas (BSP) and the Microfinance Council of the Philippines, Inc. (MCPI), recognized 11 outstanding Filipino microentrepreneurs during the 2010 Citi Microentrepreneur of the Year Awards held at the Metropolitan Museum of Manila last November 17, 2010.

Now on its eighth year, the awards program has been successful in increasing awareness of microfinance, and providing incentives for microentrepreneurs to enhance technology, improve production, and accelerate income-generating activities.

Addressing the winners and the guests during the ceremonies, BSP Governor Amando M. Tetangco, Jr. said: “We continue to be amazed with the variety and scope of microenterprises that have survived birth pains, cyclical trends, and financial constraints to become inspiring success stories that benefit not only their immediate families but also their communities.”

“The Citi Microentrepreneur of the Year awards was introduced here in the Philippines in 2002,” said Sanjiv Vohra, Citibank Philippines’ country head. “Its success led to the rollout of similar recognition programs in other markets starting in 2005, and today, it is held in 26 countries. While we’ve done more than our fair share of transporting best practices from the Philippines, I admit to being extremely proud for having been the catalyst for spreading this particular goodwill to other countries.”

Through the years, the inspiring stories of awardees have served as motivation for other microentrepreneurs to succeed in their own fields. This year, Citibank and the Citi Foundation gave more than P1 million to deserving awardees in various categories.

The Masikap Award is given to microentrepreneurs who successfully started a business that is now a reliable source of income for the family. The asset size of the microenterprise in this category must be below P300,000. Under this category, one National Awardee gets P200,000, while three Island Group Awardees receive P100,000 each.

This year’s National Awardee is Ester Lumbo, a manufacturer of bags made from pandan leaves, from the Visayas. The Island Group winners are pawid trader and duck raiser Zenaida Avellaneda from Luzon; turmeric tea grower and trader Mary Jane Reyes from the Visayas; and carinderia owner Analiza Candole from Mindanao.

The Maunlad Award is given to microentrepreneurs whose businesses are generating employment for other people aside from household or family members. The asset size of the microenterprise in this category must be between P300,000 to P1 million. As with the Masikap category, one National Awardee gets P200,000, while three Island Group Awardees receive P100,000 each.

This year’s National Awardee for the Maunlad category is Nora Bagaforo, fisher and sari-sari store owner from the Visayas. The Island Group winners are farmer Elma Gabriel from Luzon; organic farmer Enrico Jingco from the Visayas; and owner and manager of a manpower services company Letecia Tabotabo from Mindanao.

Special awards are also given to three microentrepreneurs engaged in agriculture, green or sustainable enterprises, and businesses operating in hard-to-reach areas. These awardees receive P75,000 each.

Farmer Herminigildo Dulatre is the winner in the agriculture category, copra harvester Lourdes Acuna bagged the prize in businesses operating in hard-to-reach areas category, while recycler Ismael Adiaton won for green or sustainable enterprises.

Each year, the selection process starts with nominations coming from numerous networks of microfinance institutions (MFIs) in the Philippines. These entries are submitted to MCPI, then screened by the country team, composed of BSP officials, senior representatives from Citibank Philippines, and MCPI. The country team members later convene to choose the finalists, with the final screening done by the National Selection Committee.

The National Selection Committee is co-chaired by Tetangco and Vohra. Members include the following community leaders: Antonino Alindogan, Jr., Joey Concepcion, Felipe Gozon, Marixi Prieto, Tessie Sy-Coson, Dr. Darwin Yu and Fernando Zobel de Ayala.

“This annual Awards Program, which brings together MFIs and their clients, a microfinance network like the Microfinance Council of the Philippines, an international bank like Citibank and a regulator like the Bangko Sentral, to honor and celebrate the success of microentrepreneurs around the country is another success story by itself, spawned and sustained by a vibrant and dynamic Philippine microfinance sector,” said Tetangco.

“Our joint efforts for promoting microfinance have gained global recognition as an effective strategy for liberating people from poverty,” added Tetangco. “Last month, the survey of the Economist Intelligence Unit of London’s the Economist Group covering the microfinance industry in 54 countries ranked the Philippines as the second best performing country for microfinance and the best in the world for the sub-category of microfinance policy and regulatory framework.”

“The Citi Microentrepreneur of the Year awards was designed to honor the best Filipino microentrepreneurs and after eight years, they continue to inspire us all at Citibank. If you are looking for stories of real courage, passion, commitment, hard work, you don’t have to go further than the microentrepreneurs we are toasting today here in this room,” said Vohra.