Search on for Outstanding Filipino Microentrepreneurs

MANILA, Philippines - The 2009 Citi Microentrepreneur Award of the Year (MOTY) was launched recently at the Century Park Hotel in Malate, Manila. The awards program is a nationwide search for outstanding Filipino microentrepreneurs, funded by Citi Foundation and is implemented locally in partnership with Bangko Sentral ng Pilipinas and the Microfinance Council of the Philippines, Inc. (MCPI). Keynote speakers of the launch were BSP Governor Amando M. Tetangco Jr., Citi country officer Sanjiv Vohra and MCPI president Rolando Victoria.

The 2009 Citi Microentrepeneur of the Year Awards is the seventh run of the annual awards program in the country. The first MOTY was held in 2002 in conjunction with Citi’s centennial celebration in the country. The MOTY program is one of the philanthropic and commercial initiatives of Citi; it advocates awareness and support for the microfinance industry through due recognition of outstanding microentrepreneurs. This year’s distinguished members of the national selection committee are: BSP Gov. Amando Tetangco Jr., (chair), Sanjiv Vohra (co-chair), Tessie Sy-Coson, Fernando Zobel de Ayala, Marixi Rufino-Prieto, Joey Concepcion III, Antonino Alindogan, Atty. Felipe Gozon and Dr. Darwin Yu.

The awards program has two categories – “Masikap” and “Maunlad.” The “Masikap” category is open to microentrepreneurs that have successfully started a business that eventually evolved into a reliable source of income for the family. The “Maunlad” category, on the other hand, is open to microentrepreneurs that have made their business grow exponentially to the extent that they already provide employment in their community, aside from their household or family members. There will be three island winners and one national winner for each category.

All nominess should satisfy the following criteria: Business assets not exceeding P300,000 for the Masikap category and P1,000,000 for the Maunlad category, a 100 percent repayment rate, measurable results in terms of employment generation, sales turnover, growth in enterprise profits and rate of reinvestment of enterprise profits. Moreover, the awardees are model citizens in their communities, demonstrate social responsibility and are endowed with high moral standars.

Citi’s support of the microfinance sector started over 25 years ago and since then, Citi had become one of the world’s largest corporate donors to the microfinance sector. The Citi foundation has contributed nearly $60 million in funding to support over 250 microfinance institutions, microfinance networks and microenterprise programs in 55 countries.

“As a firm believer in the efficacy of microfinance, Citi recognizes that small, medium and micro enterprises from the backbone of the economy and thus, uplifting this sector would be vital in achieving local sustainable economic growth and vitality. Through MOTY, we are able to highlight the important role that microentrepreneurs play towards building a vibrant and robust economy,” Vohra said in his message.

Microfinance is the provision of small, uncollateralized loans to the poor to help them start their own business. Citi believes that through access to financial knowledge, products and services, they will be empowered to take part in the economy and achieve their goals.

In his keynote speech, Tetangco said, “One is reassured that even as the world continues to grapple with the economic slowdown and the continuing financial crisis, the Philippine microfinance sector not only survives … it continues to thrive. Indeed, our microfinance sector has come a long way in terms of establishing a viable track record and continuously improving the lives of millions of Filipinos, starting with the microentrepreneurs themselves, their families, and their communities. Together, we have successfully institutionalized and ensured the sustainability of microfinance in our country.”

Interested MFIs can secure nomination forms from the Microfinance Council of the Philippines. Please call the MCPI secretariat at (02) 631-5920 or email [email protected].