A Recipe for Success
Published Feb 28, 2018 12:00 am
What could possibly happen when a person finds himself starting his own family at a young age? Reynante Manimtim of San Juan, Batangas had two choices: to succumb to pressure or move forward with a plan. He chose the latter, built his own food business, and five years later, he is recognized as the Regional Awardee for Luzon in the 2017 Citi Microentrepreneurship Awards.
Reynante Manimtim receives his trophy as CMA Regional Awardee for Luzon from Monetary Board Member Peter Favila (left) and DTI Secretary Ramon Lopez (5th from left) during the awarding ceremony at the Bangko Sentral ng Pilipinas last December 6. Also shown in the photo (from left): Mark Joseph Salosa, Manimtim’s account officer; Raquel Manimtim; Reynante Manimtim; and Bangko Kabayan’s corporate planning head Fides Ganzon-Ofrecio.
Funded by the Citi Foundation, the Citi Microentrepreneurship Awards (CMA) program recognizes outstanding microentrepreneurs across the Philippines. The program, first launched in 2002—the same year Citi marked its 100th anniversary in the Asia Pacific, including the Philippines—is a signature initiative of the Citi Foundation aimed at generating economic opportunities for low-income people including youth, around the globe.
The awards program provides entrepreneurs with resources to strengthen their business, including access to networks, capital, tools and training, and enables individuals to create economic sustainability for themselves, their families, and their communities.
The CMA program is a combined effort of the Bangko Sentral ng Pilipinas, Citi Philippines, and the Microfinance Council of the Philippines, Inc. to strengthen microfinance and enterprise development and financial inclusion in the country.
Reynante and his wife Raquel had just left their jobs, but since they had a daughter to raise, they lost no time in finding ways to make ends meet. He started his entrepreneurship journey in selling fish balls, kikiam, and cheese sticks.
However, the business eventually weakened and his capital was depleted. Reynante, with P100 in his wallet and a firm resolve to make things better, went to the market to buy bananas and barbecue sticks and sold banana cue. As his banana cue business grew, he invested his profits into the business and in time, was able to offer hotdogs, sandwiches, burgers, spaghetti, pancit, and siomai in rolling carts.
Among Reynante’s regular customers was a loan officer of Bangko Kabayan, Inc., who introduced Reynante to the idea of a microfinance loan. Reynante was wary of the idea because of his experience with informal lenders. Eventually, he was convinced to take out his first loan amounting to P25,000, and used this to upgrade his rolling carts (bicycles with sidecars made of bamboo) to motorcycles. Aside from providing financial assistance, Bangko Kabayan also acted as Reynante’s business partner, providing training under its Entrep-Eskwela program.
The motorcycles gave Reynante’s business a much-needed boost. With increasing competition, he needed to offer more variety, and this is when he pioneered the siomai industry in their area.
Reynante and Raquel’s famous siomai has inspired other entrepreneurs in San Juan, Batangas to go into siomai business as well.
Princess Siomai team ready for the day’s business.
The business now earns around P40,000 to P50,000 a day, but as far as Reynante is concerned, there’s no stopping Princess Siomai from achieving greater success. He is thankful for the recognition by CMA, because not only did it spread the word about his business, it also brings him one step closer to his dream of investing in a property and putting up his own siomai factory.
His secret recipe for business success? “Huwag panghihinaan ng loob. Kung anuman ang sakuna na dumating kailangan lang, tuluy-tuloy. Ang number one po ay panalangin, at ang iyong katuwang sa buhay, dapat laging nandyan para mas maganda ang patutunguhan ng iyong business(Don’t lose heart. Move forward no matter what happens. Prayers are number one, and your partner in life should always be there for you in order for your business to succeed),” says Reynante.
As CMA Regional Awardee for Luzon, Reynante received P100,000 in cash as well as a laptop, basic computer literacy training, life and health insurance coverage for one year, and access to a nine-day entrepreneurship training program at the Citi Microenterprise Development Center.
Reynante also had the opportunity to share his success with his workers and members of the community during a town hall celebration in his hometown.
Reynante and seven other winners of the Citi Microentrepreneurship Awards were chosen by a National Selection Committee jointly chaired by Bangko Sentral ng Pilipinas Governor Nestor Espenilla, Jr. and Citi Philippines CEO Aftab Ahmed.
The committee members are: Antonino Alindogan Jr., independent director, Philippine Airlines, Inc.; Jose Maria Concepcion III, Presidential Consultant on Entrepreneurship; Teresita Sy-Coson, vice chairperson, SM Investments Corporation; Atty. Felipe Gozon, chairman and CEO, GMA Network, Inc.; Secretary Ramon Lopez, Department of Trade and Industry; Mary Ann Montemayor, Mindanao Private Sector Representative, National MSME Development Council; Imelda Nicolas, trustee, SPARK! Philippines; Marixi Rufino-Prieto, chair, Philippine Daily Inquirer; Dr. Michael Tan, chancellor, University of the Philippines; Orlando Vea, president, Voyager Innovations, Inc.; and Fernando Zobel de Ayala, president, Ayala Corporation.
Reynante Manimtim receives his trophy as CMA Regional Awardee for Luzon from Monetary Board Member Peter Favila (left) and DTI Secretary Ramon Lopez (5th from left) during the awarding ceremony at the Bangko Sentral ng Pilipinas last December 6. Also shown in the photo (from left): Mark Joseph Salosa, Manimtim’s account officer; Raquel Manimtim; Reynante Manimtim; and Bangko Kabayan’s corporate planning head Fides Ganzon-Ofrecio.
Funded by the Citi Foundation, the Citi Microentrepreneurship Awards (CMA) program recognizes outstanding microentrepreneurs across the Philippines. The program, first launched in 2002—the same year Citi marked its 100th anniversary in the Asia Pacific, including the Philippines—is a signature initiative of the Citi Foundation aimed at generating economic opportunities for low-income people including youth, around the globe.
The awards program provides entrepreneurs with resources to strengthen their business, including access to networks, capital, tools and training, and enables individuals to create economic sustainability for themselves, their families, and their communities.
The CMA program is a combined effort of the Bangko Sentral ng Pilipinas, Citi Philippines, and the Microfinance Council of the Philippines, Inc. to strengthen microfinance and enterprise development and financial inclusion in the country.
Reynante and his wife Raquel had just left their jobs, but since they had a daughter to raise, they lost no time in finding ways to make ends meet. He started his entrepreneurship journey in selling fish balls, kikiam, and cheese sticks.
However, the business eventually weakened and his capital was depleted. Reynante, with P100 in his wallet and a firm resolve to make things better, went to the market to buy bananas and barbecue sticks and sold banana cue. As his banana cue business grew, he invested his profits into the business and in time, was able to offer hotdogs, sandwiches, burgers, spaghetti, pancit, and siomai in rolling carts.
Among Reynante’s regular customers was a loan officer of Bangko Kabayan, Inc., who introduced Reynante to the idea of a microfinance loan. Reynante was wary of the idea because of his experience with informal lenders. Eventually, he was convinced to take out his first loan amounting to P25,000, and used this to upgrade his rolling carts (bicycles with sidecars made of bamboo) to motorcycles. Aside from providing financial assistance, Bangko Kabayan also acted as Reynante’s business partner, providing training under its Entrep-Eskwela program.
The motorcycles gave Reynante’s business a much-needed boost. With increasing competition, he needed to offer more variety, and this is when he pioneered the siomai industry in their area.
Reynante and Raquel’s famous siomai has inspired other entrepreneurs in San Juan, Batangas to go into siomai business as well.
Aptly named Princess Siomai, the business is named after Reynante and Raquel’s beloved daughter, who is their source of inspiration and hope. “Ginagawa ko ito para matupad ang pangarap ng aming anak, at maibigay lahat ng kailangan niya. Gusto niyang maging doktora(I am working hard so we can give everything my daughter needs to achieve her dream of becoming a doctor),” adds Reynante.
Princess Siomai now has a fleet of 10 rolling food carts in Batangas and Laguna, as well as two fixed stalls, including one at a weekend night market. He also sells siopao, mini pao, palamig, plus, of course, his famous banana cue.The business complies with existing government regulations. Each Princess Siomai rolling cart even has its own trash bin to keep the environment clean and green. As his business grew, Reynante even created employment opportunities for others by hiring 20 workers, some of whom are relatives, while others are residents of their community. As a business owner, Reynante encourages them to do their jobs well and provide good customer service at all times, but more importantly, he treats his employees like family. Every Sunday, Reynante and his family go to church together with his employees. Princess Siomai team ready for the day’s business.
The business now earns around P40,000 to P50,000 a day, but as far as Reynante is concerned, there’s no stopping Princess Siomai from achieving greater success. He is thankful for the recognition by CMA, because not only did it spread the word about his business, it also brings him one step closer to his dream of investing in a property and putting up his own siomai factory.
His secret recipe for business success? “Huwag panghihinaan ng loob. Kung anuman ang sakuna na dumating kailangan lang, tuluy-tuloy. Ang number one po ay panalangin, at ang iyong katuwang sa buhay, dapat laging nandyan para mas maganda ang patutunguhan ng iyong business(Don’t lose heart. Move forward no matter what happens. Prayers are number one, and your partner in life should always be there for you in order for your business to succeed),” says Reynante.
As CMA Regional Awardee for Luzon, Reynante received P100,000 in cash as well as a laptop, basic computer literacy training, life and health insurance coverage for one year, and access to a nine-day entrepreneurship training program at the Citi Microenterprise Development Center.
Reynante also had the opportunity to share his success with his workers and members of the community during a town hall celebration in his hometown.
Reynante and seven other winners of the Citi Microentrepreneurship Awards were chosen by a National Selection Committee jointly chaired by Bangko Sentral ng Pilipinas Governor Nestor Espenilla, Jr. and Citi Philippines CEO Aftab Ahmed.
The committee members are: Antonino Alindogan Jr., independent director, Philippine Airlines, Inc.; Jose Maria Concepcion III, Presidential Consultant on Entrepreneurship; Teresita Sy-Coson, vice chairperson, SM Investments Corporation; Atty. Felipe Gozon, chairman and CEO, GMA Network, Inc.; Secretary Ramon Lopez, Department of Trade and Industry; Mary Ann Montemayor, Mindanao Private Sector Representative, National MSME Development Council; Imelda Nicolas, trustee, SPARK! Philippines; Marixi Rufino-Prieto, chair, Philippine Daily Inquirer; Dr. Michael Tan, chancellor, University of the Philippines; Orlando Vea, president, Voyager Innovations, Inc.; and Fernando Zobel de Ayala, president, Ayala Corporation.