99bet ‘Techie’ microentrepreneurs honored; their funders, too

MOVERS & SHAKERS From left: Citi Philippines Paul Favila, BSP Governor Eli Remolona Jr. and Microfinance Council chair Gilbert Maramba

Microentrepreneurs who have kept abreast of and adopted advances in financial technologies to grow their modest businesses were recognized in the third Digital Financial Inclusion Awards (DFIA) program.

Also honored during the DFIA ceremonies were the microfinance institutions (MFIs) that helped micro, small and medium enterprises succeed by extending the financial assistance that the business ventures needed to achieve their goals.

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Paul Favila, CEO of Citi Philippines, says, “…we recognize the incredible achievements of microentrepreneurs and microfinance institutions or MFIs who have embraced the power of digital transformation to revolutionize their businesses, uplift their lives, their communities and contribute to the economy.”

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This year, 16 microentrepreneurs and four MFIs were honored at the annual DFIA, an initiative of the Citi Foundation, in partnership with the Microfinance Council of the Philippines (MCPI) and supported by the Bangko Sentral ng Pilipinas (BSP).

The 16 microentrepreneur awardees received P100,000 each in cash, as well as laptops to help grow and enhance their businesses. The winners, representing various industries, including food production, retail and manufacturing, are Jaydee Abraham, Ligaya Arculo, Junbert Bentulan, Gregoria Bernabe, Helen Cedullo, Shanie Lou Depalubos, Hayreen Ecura, Ma. Lourdes Endriga, Teodoro Lamang Jr., Jessica Lavarias, Sunshine Genevive Mollintas, Ricardo Santos, Layzel Soto, Jaeme Tagle, Renalyn Tatad and Melanie Torres.

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The four MFIs honorees also received P100,000 in cash each to help them further enhance their digital financial programs. The awardees are Alalay sa Kaunlaran Microfinance Social Development, Inc., Community Economic Ventures, Inc., RAFI Micro-Finance, Inc. and Tulay Sa Pag-Unlad, Inc.

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THE WINNERS The 16 microentrepreneur champions of the 3rd DFIA —Contributed photos

BPI Direct BanKo, Inc. and the National Confederation of Cooperatives received special citations for their pioneering digitalization efforts.

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Ecura of San Luis, Aurora, responding on behalf of the awardees, tells aspiring entrepreneurs to “dream big, start small”. She advises them to be patient as there could neither be instant gratification nor a fast return on their investment and hard work.

The founder of Ecura’s Delicacies stresses that people should do what they are excited about and to work hard if they were to achieve their goals.

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The DFIA program evolved from the Citi Microentrepreneurship Awards and pursues the same goal of raising awareness about the importance of microentrepreneurship and microfinance to advance financial inclusion and economic empowerment of low-income individuals.

Digitalization imperative

“In an increasingly interconnected world, the adoption of digital tools and technologies has become not just a luxury, but a necessity. For microentrepreneurs, who often operate in resource-constrained environments, digitalization offers a gateway to scale, to streamline operations and, most importantly, to connect with a larger market, both locally and globally,” Favila notes.

BSP Governor Eli Remolona, Jr., who describes digitalization as the “secret sauce of financial inclusion,” points out that, between trade fairs and Facebook posts, microentrepreneurs have “turned pocket change businesses into your own gold mines … Some of you maximize technology to transact with your suppliers and, for one of you, even your resellers.”

“Meanwhile, the microfinance institutions are stepping up their game with apps for loan management, cash flow management, and other financial processes, along with mobile apps to make it easier for your customers. [You] have all shown how digitalization can unlock huge inclusion opportunities,” he adds.

FINANCIERS The six awardees for MFI and special citation on digitalization with (from left: second row) Salve Duplito, Gilbert Maramba, Deputy National Treasurer Ma. Nanette Diaz and former Trade chief Ramon Lopez

Favila says through “smartphones, mobile apps, cloud-based software, digital payment systems and e-commerce platforms, microentrepreneurs can tap into new possibilities that were once out of reach.”

ChocoVron Vice President Marissa Lourdes Yala told the Philippine News Agency on the sidelines of the US-PH 2024 Trade Mission Conference at The Manila Hotel on Friday, October 18, that the P500 million (US$8.75 million) expansion plan of the company will triple the capacity of its production facility in San Pedro, Laguna.

By adopting digital tools, he adds, MFIs “improved their ability to serve clients efficiently, expand their reach to underserved areas and reduce costs while increasing financial inclusion. Digital lending platforms, mobile banking services, and data analytics are now enabling MFIs to offer customized financial products to millions of underserved individuals and businesses.”

The DFIA, Favila points out, honors the outstanding achievements of these individuals and institutions that “have embraced digitalization with passion and commitment. These awardees represent the best of what is possible when small businesses and financial institutions are empowered with the right tools, knowledge and support.”

Remolona also commends the awardees, saying “your efforts help build a future where financial inclusion is not just a buzzword but a reality for everyone.” He reports that 71 percent of Filipino households now have a deposit or e-money account while 52 percent of all payments are now digital.

But he stresses that there’s more work to do “because for many Filipinos, microenterprises and microfinance are not just businesses, they are stepping stones to a better life.”

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“It’s about sending kids to school99bet, securing their future, maybe even buying that dream house,” he adds. —CONTRIBUTED

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