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.
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