A business that clicks
Published Mar 20, 2018 12:00 am
Nothing could possibly be more challenging than being forced to become the family’s breadwinner at a young age.Perhaps this is why Keith Varias has always been in search of the bigger challenge: how to get more fulfillment from work, achieve better business returns, give his mother and two brothers a more comfortable life. This drive and determination led this Caviteño to win as Youth Microentrepreneur of the Year in the Citi Microentrepreneurship Awards.
Keith Varias (3rd from left) clutches the prizes handed to him by Citi Philippines CEO Aftab Ahmed (leftmost) and the Philippine Daily Inquirer Chair Marixi-RufinoPrieto (5th from left) for bagging the 15th CMA Youth Microentrepreneur of the Year title. The awards ceremony was held at the Bangko Sentral ng Pilipinas last December 6. Also in the photo (from left): Inter-Asia Development Bank (IADB) President and CEO Roman Leus; Keith’s mother Merle Varias; IADB Vice President and Operations Head Adora Santos; and Keith’s account officer Noli Encarnacion.
Doing what he loves best and reaping the rewards of his hard work and perseverance. From one secondhand computer and a printer, Keith now has 90 units and two Chicoi Solutions computer shops.
Keith Varias (3rd from left) clutches the prizes handed to him by Citi Philippines CEO Aftab Ahmed (leftmost) and the Philippine Daily Inquirer Chair Marixi-RufinoPrieto (5th from left) for bagging the 15th CMA Youth Microentrepreneur of the Year title. The awards ceremony was held at the Bangko Sentral ng Pilipinas last December 6. Also in the photo (from left): Inter-Asia Development Bank (IADB) President and CEO Roman Leus; Keith’s mother Merle Varias; IADB Vice President and Operations Head Adora Santos; and Keith’s account officer Noli Encarnacion.
Funded by the Citi Foundation, the Citi Microentrepreneurship Awards (CMA) program recognizes outstanding microentrepreneurs across the Philippines. The program, 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.
Keith always dreamed of being a computer programmer, but the government office in Manila where he worked said he could only qualify as an encoder. After working and saving enough money –P17,000 to be exact – he put up his own computer shop. His mother had made a P20,000 down payment for the rental of a commercial space, which Keith eventually used to open the first branch of Chicoi Solutions in Alfonso, Cavite in 2014.Chicoi is a childhood nickname given to him by a cousin.
At the start, all he had were a secondhand computer from his uncle, and a printer, but Keith knew he needed more funding.His experience with informal lenders with high interest rates forced him to explore other options, particularly the Inter-Asia Development Bank (IADB). In 2014, Keith took out his first loan from IADB amounting to P50,000. Succeeding loans, the most recent of which was P300,000, were used to expand his business and put up another branch in Trece Martires City.
Four years after, Keith has two computer shops, 90 computers, and a car. He advocates an employee-centric approach and does not mind hiring personnel with no experience. He has since hired eight young employees, some being students which gives him the opportunity to share his knowledge and help them develop their computer skills.
The total value of his assets is approximately P2.5 million, and his net worth, P1.5 million. Keith is 27 years old.
Chicoi Solutions’ tagline is “computer center ng bayan” (“a computer center for everyone”) as it offers not only Internet access and computer rentals but also services such as computer repair, graphic design, programming and solutions, software development, and ID photos and printing. It also sells computer parts. Recently, it became a payment center for utility bills and loans.
“The business revolves around my hobbies and interests, so I just enjoy everything about it. It also creates more opportunities for me to grow. Figuring out how to handle people, how to keep people, finding and keeping customers, making connections, making people know the business are just minor problems I learned to solve over time,” Keith shares.
Doing what he loves best and reaping the rewards of his hard work and perseverance. From one secondhand computer and a printer, Keith now has 90 units and two Chicoi Solutions computer shops.
Keith has certainly come a long way from that unforgettable day he made a profit of only P2. Today, his average daily sales for both branches is P7,000, with a monthly profit of up to P220,000. Keith continuously works to increase these numbers by distributing flyers, hosting gaming events, being active in social media, and keeping his shops well maintained.
Gone are the times, too, when his family would worry about putting food on the table. Keith is now also able to afford his mother’s medical needs. One of his proudest moments came when his brothers, whom he sent to school, graduated from college.
“Being poor played a big advantage in my life. Being at the bottom gives you no option but to rise above,” Keith said. And rise, he did.
“Today is my biggest challenge, specifically, growing the business and figuring out how to reach the vision of establishing Chicoi Solutions in every town and city in the Philippines.”
As CMA Youth Microentrepreneur of the Year, Keith 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. Keith also had the chance to share the recognition with his workers and members of the community during a town hall celebration.
Keith 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 Adviser 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 Diliman; Orlando Vea, president, Voyager Innovations, Inc.; and Fernando Zobel de Ayala, president, Ayala Corporation.