16th Citi Microentrepreneurship Awards launched

Published August 21, 2018, 12:00 AM

by manilabulletin_admin

Shown from left are: Microfinance Council of the Philippines, Inc. Chair Fr. Jose Victor Lobrigo; Citi Philippines CEO Aftab Ahmed and Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr.
Shown from left are: Microfinance Council of the Philippines, Inc. Chair Fr. Jose Victor Lobrigo; Citi Philippines CEO Aftab Ahmed and Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr.

 

 

Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. and Citi Philippines CEO Aftab Ahmed jointly announced the launch of the 16th Citi Microentrepreneurship Awards (CMA) during the recently held annual conference of the Microfinance Council of the Philippines, Inc. (MCPI).

Since its inception in 2002, the CMA awards program, a partnership among BSP, Citi Philippines and MCPI, with funding support from Citi Foundation, has been steadfast in its commitment towards recognizing entrepreneurs who have beat the odds, lifting themselves and others out of poverty.

The awards also recognize the strong support from microfinance institutions as key partners, underscoring the role these organizations play in financial inclusion and enterprise development.

In his keynote speech Espenilla took note of how digital technology has made an impact in the development of microfinance in the country.

“The digital revolution is fundamentally reshaping the financial inclusion landscape and traditional financial value chains,” he said. “Rapid digital innovations in financial technologies have led to the emergence of more dynamic business models.”

“Amidst all the talk of technology and disruption, it is only appropriate that we continue to showcase inspiring stories through the Citi Microentrepreneurship Awards, which has served as a vehicle for inspiring microentrepreneurs nationwide to achieve greater heights,” says Espenilla.
The event saw the introduction of the commemorative book “From Modest Dreams to Microentrepreneurial Triumphs,” which shares success stories of past CMA winners, inspiring tales of winning against adversity through hard work and perseverance.

In his remarks, Citi’s Ahmed said: “The Citi Microentrepreneurship Awards are about the passion, energy, and commitment of microentrepreneurs who want to do better for themselves and their families. At Citi, we are proud to help people pursue their dreams because we are committed to making a difference in the communities where we live and work.”

The awards are open to microenterprises with business assets up to P3 million. The award categories are Microentrepreneur of the Year Award, regional awardees from the three major island groups (Luzon, Visayas, and Mindanao), Youth Microentrepreneur of the Year, and special awards for agri micro-business, community leadership, and green/sustainable business.

The national winner of the Citi Microentrepreneurship Awards will receive P200,000 while the three regional awardees, the youth awardee, and special awardees will each get P100,000.
The loan officers and MFI branches of each awardee are also given a cash incentive of P10,000. Semi-finalists will receive a cash incentive of P10,000.
In addition to cash prizes, long-term sustainability of the winning microenterprises is of vital importance, thus, entrepreneurship training and mentoring is also provided at the Citi Microenterprise Development Center.

 
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