Putting the spotlight on microentrepreneurs

MANILA, Philippines - Three of the country’s champions of microfinance once again joined hands to launch the 12th Citi Microentrepreneurship Awards (CMA), a nationwide search for exemplary Pinoy microentrepreneurs organized by the Bangko Sentral ng Pilipinas (BSP), Citi Philippines and the Microfinance Council of the Philippines (MCPI).

During the launch, BSP Governor Amando Tetangco Jr. and Citi Philippines chief executive officer Batara Sianturi were in attendance to emphasize the importance of microfinance and how CMA has become an eye-opener for those who aspire to become successful microentrepreneurs.

“The microfinance sector continues to grow and empower more microentrepreneurs across the Philippines.  As co-chair of the selection committee for CMA for 10 years now, I have personally witnessed how microentrepreneurs survived scarcity by making their business a reliable source of family income — all because they accessed and sensibly used microfinance loans,” said Tetangco.

Meanwhile, Sianturi shared how microenterprises play an important role in the development of any economy and society. “Through the CMA, we wish to put the spotlight on the men and women who have found sustainable solutions to escape poverty, not only for their families but for community members as well,” he added.

True enough, CMA 2013 winners Marylyn Cleto (Regional Awardee for Luzon), Regina Paller (Regional Awardee for Visayas) and Maria Gudilla Argabio (Special Awardee for Agri Micro-business) who are living testimonies of the success of microfinance graced the launch to share how CMA transformed their lives and to some extent their communities as they shared their prosperity. With help from their partner microfinance institutions, these entrepreneurs have made their small businesses grow, allowing them to provide a better future for their family and employment for their community.

This year, the CMA awardees will receive cash prizes, one-year life and health insurance coverage, entrepreneurship training at the Citi Microenterprise Development Center, a laptop and basic computer training. They will also gain membership to the CMA Alumni Network to build their market connections.

The CMA has generated 93 winners since its launch in 2002 by the three institutions. Since then, this award-winning program has been adopted by Citi in 32 other countries.