Celebrating Digital Champions in the 3rd Digital Financial Inclusion Awards

As digitalization in the business sector remains a major strategy for growth and financial inclusion in the Philippines, the Digital Financial Inclusion Awards (DFIA) returns on its third year to recognize the achievements in digital transformation of the country’s most outstanding microfinance institutions (MFIs) and microentrepreneurs. The financial inclusion awards program is made possible by Citi Foundation, in partnership with the Microfinance Council of the Philippines, Inc. (MCPI) and supported by the Bangko ng Sentral ng Pilipinas (BSP).

More than just honoring the excellent efforts of MFIs to adopt digital transformation, the DFIA also aims to highlight efforts on expanding digital financial services to poor households by incorporating digital solutions in the products or services offered. It includes customer-centric solutions, business and technology agility, and product and service innovation, while inspiring other microentrepreneurs and MFIs to embark on their own digitalization journey leading to business growth and livelihood opportunities for many Filipinos.

The program launch was led by BSP Governor Eli M. Remolona Jr., MCPI Chairperson Gilbert Maramba, Citi Philippines CEO Paul Favila, together with the first DFIA Digital Champion on Microentrepreneur Category, Ms. Phoebe Borce.

BSP Governor Remolona said, “Digitalization serves as a bridge that connects the financially underserved segments of the population to providers of formal financial services. It does so in a manner that allows greater efficiency of financial transactions that fuel and accelerate economic growth. Let us therefore build more digital bridges so that everyone may enjoy the benefits of financial inclusion.”  

MFI winners will be chosen based on the types of adopted digital solutions, measurable outcomes on digital solutions, and institutional/client benefits of digitalization. Meanwhile, microentrepreneurs will be nominated by the MFIs based on success stories, types of digital solutions used, and measurable results on digital solutions. The National Selection Committee is composed of representatives from the government, business sector, media, and academia, and is co-chaired by heads of the BSP and Citi Philippines. Four MFIs and fifteen microentrepreneur winners will be selected as digital champions for the third DFIA. 

The program includes learning exchanges and technical assistance for MFIs as part of MCPI’s awareness and readiness campaign. An awarding ceremony will be held to recognize the winners on November 8, 2024.

The winners will be awarded cash incentives (PHP100,000 for each winner) and provided laptops that can be used to enhance their digital financial services program.

“Citi Foundation invests in efforts that increase financial inclusion, economic opportunities for the youth, and develop community solutions because it leads to economic empowerment and opportunities for low-income communities and individuals around the world. With the DFIA, we are able to support the nation’s pursuit of financial inclusion through digitalization. We hope that this will serve as inspiration for the microfinance industry and MSME sector to continue innovating their services for Filipinos and help transform the country into a more financially inclusive and resilient society,” said Citi Philippines CEO Paul Favila.

 “The impact of digitalization is seen everywhere around the world. This transformation not only allowed MFIs to help clients thrive, especially during crucial times, but most importantly, it has helped the institution in bringing more transformative change to businesses and help them succeed in today’s challenging business world,” said MCPI Chairperson Gilbert Maramba.

Aligned with the central bank’s push to promote financial inclusion nationwide, 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 digitalization and economic empowerment of low-income individuals.

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.

Honoring Digital Champions on the 2nd Digital Financial Inclusion Awards

The 2nd Digital Financial Inclusion Awards (DFIA) will again recognize the country’s outstanding microfinance institutions (MFIs) and microentrepreneurs for their achievements in digitalization. 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 virtual launch of the program was led by BSP Governor Felipe M. Medalla, Citi Philippines Chief Executive Officer Paul A. Favila, and MCPI Chairperson Gilbert S. Maramba.

“This awards program gives us the venue to highlight our inclusive digital finance agenda and microfinance advocacy. Not to mention, all the inspiring stories that we saw and heard when the awards were given,” said BSP Governor Felipe Medalla.

MFI winners will be chosen based on the types of digital solutions they have adopted, measurable results on the use of digital solutions, and institutional/client benefits of digitalization. Meanwhile, microentrepreneurs will be nominated by the MFIs based on their success stories as microentrepreneurs, the types of digital solutions used, and measurable results on the use of digital solutions. The National Selection Committee is composed of representatives from the government, business sector, media, and academia, and is co-chaired by heads of the BSP and Citi Philippines. They will select four MFIs and twenty microentrepreneurs as Digital Champions for the 2nd DFIA. The program includes learning exchanges and technical assistance for MFIs as part of MCPI’s awareness and readiness campaign.

“Citi and Citi Foundation are committed to investing in financial inclusion initiatives that help create economically vibrant and resilient communities,” said Citi Philippines CEO Paul Favila. “The DFIA supports the financial inclusion objectives of the government and empowers low-income individuals to become financially independent. The program is focused on strengthening financial inclusion through digitalization in Philippine microfinance.”

The program aims to inspire other microentrepreneurs and MFIs to embark on their own digitalization journey that will ultimately lead to business growth and livelihood opportunities for many Filipinos.

“Digitalization played a big role in the survival of MFI clients and the microfinance sector during the early months of the pandemic. Aside from using digital platforms for loan disbursements and collection, we were able to provide non-financial services to clients such as training and telemedicine through digital technologies,” said MCPI Chairperson Gilbert Maramba.

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 the financial inclusion and economic empowerment of low-income individuals.


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About Citi Foundation:
The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant cities. The Citi Foundation’s “More than Philanthropy” approach leverages the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation.

About the Microfinance Council of the Philippines, Inc. (MCPI)
The Microfinance Council of the Philippines, Inc. (MCPI) evolved out of a USAID-funded project entitled “Developing Standards for Microfinance Project” (DSMP) that started in mid-1996 and continued until the end of 1999. MFIs that were part of the DSMP decided to form an association or network and the resulting organization, MCPI, was registered with the Securities and Exchange Commission (SEC) as a non-stock corporation in June 1999.

As of December 2022, MCPI is comprised of 64 members (52 MFIs, 2 regional networks, and 10 support organizations) which account for 90 percent of the microfinance sector in the Philippines. Its key programs include advocacy, capacity building for MFIs, social performance management and client protection in microfinance, knowledge management, and network development. Additional information may be found at https://microfinancecouncil.org | Facebook: www.facebook.com/MicrofinanceCouncil

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.