The BIDA Awards, which will have its awarding ceremony today, March 29, at the Philippine Trade Training Center, is a joint undertaking among Plantersbank and four government agencies, namely: the National Small and Medium Enterprises Development Council (SMEDC), Department of Science and Technology (DOST), Commission on Higher Education (CHED), and Department of Trade and Industry (DTI).
Plantersbank, the lone co-sponsor and co-organizer from the private sector, will provide the winners cash prizes which will go to the students and their advisers.
In addition, the DOST shall provide financial support for the commercial operation of these winning business ideas through its Student Enterprise Assistance Mechanism (STEAM) project. Other notable business ideas may also be awarded financial aid, depending upon the assessment of STEAM officials. The amount in project study shall be awarded to the students through their respective schools. In the same manner, the students will repay the loan through their schools.
Plantersbank, which has been providing assistance to small and medium enterprises for 40 years now, is co-sponsoring the BIDA Awards since the objectives of this activity is consistent with the bank’s thrust of answering the needs of small entrepreneurs.
Bobby Banaag, Plantersbank assistant vice president for corporate communications, said: "We believe that the BIDA Awards – which is a perfect vehicle in promoting business among the youth – can certainly help bring about economic growth because this project may in the long run create a generation of entrepreneurs."
Planters Development Bank is a privately-owned development bank with full domestic commercial banking prerogatives. Incorporated in March 1961 as the Bulacan Development Bank, Plantersbank has grown to become the largest private development bank in the country with over P20 billion in resources.
Plantersbank is backed up by International Finance Corp. (IFC), The Netherlands Development Finance Co. (FMO), and Asian Development Bank (ADB).