Filipino Microentrepreneurs Triumph at the 4th DFIA

Celebrating the role of technology and innovation in shaping sustainable economic growth, the 4th Digital Financial Inclusion Awards (DFIA) honoured Filipino microentrepreneurs and microfinance institutions (MFIs) who have engaged digital tools to grow their businesses and uplift their communities. This year’s honourees embody how financial inclusion can drive sustainable growth and create lasting opportunities for underserved Filipinos.

 

Jointly organized by the Microfinance Council of the Philippines, Inc. (MCPI) and the Citi Foundation, with the support of the Bangko Sentral ng Pilipinas (BSP), the DFIA continues to champion inclusive progress through digital transformation. The awarding ceremony gathered key leaders and partners in the finance sector, including BSP governor Eli M. Remolona, Jr., Citi Philippines CEO Paul Favila, and MCPI chairperson Eduardo C. Jimenez, who emphasized the importance of innovation in strengthening the microfinance ecosystem.

A total of seventeen (17) outstanding microentrepreneurs received ₱100,000 each in cash grants and brand-new laptops to help accelerate their digital journey. Representing diverse industries such as agriculture, food production, retail, and handicrafts, this year’s awardees are Josephia Azores, Roby Grace Bernabe, Mylene Bersabal, Carmelita Dapanas, RJ De Chavez, Ailyn Flormata, Raquel Lanaban, Gladys Maipid, Edna Maloon, Annalisa Monil, Lorlie Noblezada, Rosalie Orijola, Cecilia Oroc, Maricar Pagao, Danise Palmero, Niel Danica Polong, and Alan Romero.

 

At the institutional level, three (3) institutions were also recognized for their leadership in advancing digitalization. The awardees included GRF Hublag Microfinance Foundation, Inc., MASS-SPECC Cooperative Development Center, and Taytay Sa Kauswagan, Inc.

 

“Our awardees prove that the old narrative of digital tools being out of reach and too complicated no longer holds,” said BSP governor Remolona. “With simple yet innovative digital tools, such as online selling, QR payments, business systems, we are rewriting what’s possible for Filipino entrepreneurs.”

 

“The DFIA reinforces Citi Foundation’s mission to promote economic progress and improve the lives of people in low-income communities. We celebrate not only your business milestones but the lives you continue to uplift, as we all work together to build more sustainable, economically vibrant communities. Your entrepreneurial spirit and commitment to innovation inspire us all,” added Citi Philippines CEO Paul Favila.

 

Now in its fourth year, the DFIA continues to serve as a platform for recognizing Filipino ingenuity and the power of technology to open new doors of opportunity. The program amplifies awareness of how microfinance and digital innovation help create a more resilient, inclusive, and empowered nation.

 

The DFIA builds on the legacy of the Citi Microentrepreneurship Awards, allowing Citi Foundation and MCPI to further advance awareness of how microentrepreneurship and microfinance drive financial inclusion and empower low-income Filipinos toward sustainable growth.

Digital Champions Honored at the 2nd DFIA

The country’s outstanding microfinance institutions (MFIs) and microentrepreneurs were once again recognized for their achievements in digitalization at the 2nd Digital Financial Inclusion Awards (DFIA).

The DFIA is a financial inclusion program funded by Citi Foundation, in partnership with the Microfinance Council of the Philippines, Inc. (MCPI) and supported by the Bangko ng Sentral ng Pilipinas (BSP). The program focuses on acknowledging outstanding microentrepreneurs as well as MFIs that have successfully adopted digital solutions in their operations and an awareness and readiness campaign on the digitalization of MFIs. The awarding ceremony was led by BSP Governor Eli M. Remolona, Jr., Citi Philippines CEO Paul Favila, and the MCPI.

Twenty (20) microentrepreneurs were recognized and awarded with cash prizes and laptops. The twenty winners who were awarded with PHP100,000 are: Shirley Aguinaldo, Rhodora Angeles, Joseph Arriesgado, Normanita Banagudos, Anabelle Banquero, Salome Barile, Rhea Fhene Barte, Ryme Janelle Besonaya, Cecilia Jarilla, Nurfaida Jupakkal, Joy Maniaol, Marissa Palcat, Arlene Panit, Arlene Passion, Connie Rivera, Catherine Rugnao, Floricel Sanorjo, Fely Suarez, Estrelita Tuan, and Marites Zulueta. The businesses of this year’s awardees ranged from food production and processing, poultry, organic products to handicrafts, weaving and printing.

Five (5) microfinance institutions were also announced as winners during the awarding ceremony. A cash incentive of PHP100,000 was awarded to the winning MFIs. The cash prize is intended to continuously improve their digital financial services program. The MFI winners are CARD Mutually Reinforcing Institutions (CARD MRI), Kabalikat para sa Maunlad na Buhay, Inc. (KMBI), Kabuhayan sa Ganap na Kasarinlan Credit and Savings Cooperative (K-Coop), RAFI Micro-Finance, Inc., and Rural Bank of Guinobatan, Inc.

“The BSP lauds our awardees for embracing the transformative power of digital technologies. We hope your continuing work will serve as a model for your peers to follow,” Governor Eli M. Remolona, Jr. said. “The BSP will continue to foster an enabling regulatory environment so that more MSMEs benefit from digital financial innovation.”

Citi Philippines CEO Paul Favila hopes the DFIA awards program will continue to inspire and recognize the efforts of MFIs and microentrepreneurs for decades to come. The program reflects Citi’s continuous support in strengthening financial inclusion in the country.

Favila said, “We are in awe of what you have all achieved with your respective businesses especially in such challenging times and for your contributions to your respective local communities. We also recognize the efforts of the microfinance institutions who have proactively taken the first step towards digital transformation while continuously supporting and empowering microentrepreneurs. Behind each of your successes, there is an inspiring story of strength, courage and determination. These are the stories that contribute to Citi Foundation continuing with its mission to enable economic progress and improve the lives of people in low-income communities around the world.”

Through the 2nd DFIA, microentrepreneurs and MFIs will ultimately be motivated and inspired to adopt digital solutions that will expand digitalization in businesses and empower local communities for the country’s economic growth.

The DFIA program is an evolution of the Citi Microentrepreneurship Awards that enables Citi Foundation and MCPI to continue raising awareness about the importance of microentrepreneurship and microfinance in supporting financial inclusion and economic empowerment of low-income individuals.

CMA Launches Search for COVID-19 Resilient Microentrepreneurs

The Bangko Sentral ng Pilipinas (BSP), Citi Philippines, and the Microfinance Council of the Philippines, Inc. (MCPI) have launched its annual Citi Microentrepreneurship Awards (CMA), which aims to recognize the achievements and contributions of microentrepreneurs all over the country. Now on its 18th edition, this year’s CMA has been modified to respond to community needs resulting from the impact of the COVID-19 crisis.

Through a virtual launch held via Zoom, BSP governor Benjamin Diokno and Citi Philippines chief executive officer Aftab Ahmed revealed that the 18th CMA will have two components: the COVID-19 rehabilitation support package and the recognition of outstanding microentrepreneurs amid the crisis.

“More than ever, it is vital to sustain our microentrepreneurs, who provide essential products and services in the “last mile.” Predominant in low-income areas and serving as engines driving local economies, microentrepreneurs also nurture swathes of the Filipino population depending on them for post-pandemic recovery and rebuilding. Through CMA 2020, we highlight the creativity and internal fortitude of our microentrepreneurs to serve as a great inspiration,” said BSP governor Diokno.

"We are happy that through the CMA program, we are able to help microentrepreneurs overcome some of the financial challenges that they are facing and to improve their business proposition, their products and their services. It is essential for these businesses to learn to adapt as well as implement new strategies. This will be particularly important in the coming months as we start moving towards normalization," added Citi Philippines CEO Aftab Ahmed.

The first component focused on responding to the rehabilitation needs of previous CMA winners, with each winner getting a cash incentive of up to Php 50,000 each. Among the recipients of the COVID-19 rehabilitation support package are 2017 Youth Microentrepreneur of the Year Keith Gonzales Varias and 2018 CMA Regional Awardee for Visayas Rosario Amoroto.

On the other hand, the second component will highlight the important role of microentrepreneurs in rebuilding local economies during the COVID-19 crisis. The awards are open to microenterprises with assets less than P3 million. Three island group winners from Luzon, Visayas, and Mindanao, as well as two other special awardees, namely the Youth Entrepreneurship awardee and the COVID-19 response champion, will be recognized.

All five awardees should have successfully rebuilt their enterprise to a level that is now contributing to local economies during the COVID-19 crisis, while maintaining a healthy repayment record on their loan even as they continue to rebuild their enterprise. Additionally, the COVID-19 response champion should have supported, innovated, or led pandemic response initiatives to help others.

The three island group winners, the Youth Microentreprenuer, and the COVID-19 response champion will get Php100,000 each, as well as one-year microinsurance coverage. From the five winners, a National Winner will be selected who will be receiving an additional Php100,000. All winners will be determined by the NSC and recognized in a simple awards ceremony in June 2021.

Through these efforts, the CMA will ultimately highlight role models for aspiring and hardworking entrepreneurs and generate greater awareness and appreciation of microfinance and microenterprise development as a tool for employment generation and poverty reduction.

Citi Philippines Supports the Philippine Paralympic Committee and Filipino Para-athletes in LAKAD PARA ATLETA

The spirit of diversity and inclusion brings together Citi Philippines and the Philippine Paralympic Committee (PPC) for the inaugural “LAKAD PARA ATLETA”, a walk to support the country’s Paralympic movement, held at the University of the Philippines College of Science Oval at UP Diliman, Quezon City.

This event aims to raise awareness and funds to benefit the country’s Para athletes, especially as they prepare to compete in the upcoming 10th ASEAN Para Games, to be held at the New Clark City Sports Complex in January 2020.  Citi formalized a partnership with the Philippine Paralympic Committee in December of last year, as part of a global agreement between Citi and the International Paralympic Committee (IPC). The international agreement supports 18 National Paralympic Committees (NPCs) in the lead up to the Tokyo 2020 Paralympic Games. Through the partnership, Citi will help generate excitement and national pride around the extraordinary accomplishments of the country’s para-athletes. In the Philippines, Citi is proudly sponsoring two of the country’s top Para athletes: Adeline Dumapong-Ancheta (power lifting) and Jerrold Mangliwan (wheelchair racing.)

The Philippine Olympic Committee (POC) is also supporting the PPC by holding a series of sports activities for an “Olympic Day” together with the country’s top athletes from the Philippine Olympians Association (POA).

PPC President Michael Barredo and Citi Philippines CEO Aftab Ahmed walked together during the last leg of an Olympic torch relay, which marked the opening of the Lakad Para Atleta walk. In a show of unity, both Para athletes from the PPC and athletes from the POA participated in both the relay and the walk together. More than 2,000 participants joined the walk, including over 800 employees from Citi Philippines.

“Citi Philippines is excited about the opportunity to partner with the PPC and to jointly work on the common goal of greater inclusion in sports. We are thrilled to sponsor the inaugural ‘Lakad Para Atleta’. Our 800 Citi volunteers present today feel honored to be participating side-by-side with the nation’s incredible para-athletes and their supporters,” declared Citi Philippines CEO Aftab Ahmed.
“We are overwhelmed by the support of our partners, especially Citi Philippines. ‘Lakad Para Atleta’ and our partnership with Citi will help increase awareness of Para sports in the country as we prepare for the upcoming ASEAN Para Games in January 2020, as well as the Tokyo Olympics and Paralympics later on the same year. We hope to make our fellow Filipinos proud of our achievements both in the sporting arena as well as in our quest to promote equality for all,” said Philippine Paralympic Committee President Michael Barredo.

“LAKAD PARA ATLETA” is co-sponsored by the Philippine Paralympic Committee and Citi Philippines with support of the University of the Philippines, the Philippine Olympic Committee, the Philippine Olympians Association and other organizations.

The event is also the culminating activity of Citi’s annual Global Community Day tradition, which gives employees the opportunity to make a positive impact in their communities through volunteerism. In May and June 2019, over 7,000 Citi Philippines employees participated in 23 volunteer activities to help communities in need and raise awareness of important issues, such as inclusion and equality.

About Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About IPC

The International Paralympic Committee (IPC) is the global governing body of the Paralympic Movement. It co-ordinates the organization of the Summer and Winter Paralympic Games, and serves as the International Federation for 10 sports, for which it supervises and co-ordinates the World Championships and other competitions. The IPC’s vision is to enable Para athletes to achieve sporting excellence and inspire and excite the world.

Citi named Consumer Bank of Year by Asian Investor Magazine

Citi has been named the leading Consumer Bank in Asia by AsianInvestor Magazine for its wealth management business. The award was selected by the editorial team of the magazine and was based on the bank’s superior wealth management platform in Asia Pacific.

In the editorial write up accompanying the award, the magazine said: “Citi’s wealth management business in Asia rode out powerful headwinds to enjoy strong performance, partly as a result of its enhanced portfolio management tools, digitalization and client engagements.”

During the last 12 months, Citi continued to enhance its client engagement tools, such as rolling out the Portfolio 360 offering to new markets and launching the new Citigold Diversification Index (CDI). Portfolio 360 provides comprehensive investment analytics reports under various stress test scenarios and the CDI assesses client’s portfolio diversification across asset classes. Both have helped further support clients of the bank in the region to assess their portfolios and navigate sometimes challenging markets.

The bank’s client assets under management are now over US$210bn across the 12 markets in Asia where the bank offers consumer banking services.

Product-wise, Citi expanded its open-architecture fund offering to include liquid alternatives, and continued to onboard new funds to offer non-correlated products. It also moved to further enhance the wealth management knowledge of its relationship managers partnering with the prestigious Wharton Business School of the US on a three-year executive education programme.

“A key competitive advantage for Citi is being able to deliver expertise in wealth management by raising the level of advisory through new tools and an expanded product offer via our open architecture platform delivered by a highly skilled team of relationship managers, portfolio counselors and product specialists. It is a real honor to receive the AsianInvestor Consumer Bank award for the fourth-consecutive year as recognition for our team in Asia,” said Paul Hodes, Head of Consumer Banking Wealth Management for Asia Pacific.

In the Philippines, Citi pioneered wealth management in the early 1990s and continues to enjoy a strong market lead with its wide range of products, customized advice and groundbreaking digital platform.  Most recently, it launched Citi Model Portfolio, a diversification and asset allocation guide designed to aid clients to make informed investment choices.

“Coming after the introduction of the online Insurance Gap calculator, which allows our clients to find out in minutes if they’ve done enough to protect themselves and their families financially, the Citi Model Portfolio once again empowers our customers to make decisions to grow their wealth and secure their future.  All these showcase our commitment to our clients, and that we value their choice of Citi as their financial partner,” said Bea Tan, Head of Consumer Banking for Citi Philippines.