Citibank bares Microentrepreneur of the Year

Josephine Alima of Cabatuan, Isabela is the Citibank Microentrepreneur of the Year. Alima, who manufactures Alima Peanut Biscuits, bested nominees from all over the country in the search conducted by Citibank and the Microfinance Council of the Philippines, with the support of the Bangko Sentral ng Pilipinas (BSP).

In awards ceremonies at the Galleria Bangko Sentral of the Metropolitan Museum, BSP Governor Rafael Buenaventura and Citibank country corporate officer Catherine M. Weir handed Alima a national awardee trophy and a P100,000 cash prize.

The nationwide search for the Citibank Microentrepreneur of the Year began in May this year with the objectives of raising awareness about microfinance and of recognizing outstanding microentre—preneurs like Alima.

Alima began her microenter—prise in year 2000, with just herself and her husband baking the cookies. They made the cookies at home and rented an oven in a nearby bakery. Today, Alima runs a complete mini bakery operation that employs over two dozen employees. Her products are distributed in many towns and provinces in Northern Luzon.

Three regional awardees were also named, each winning P50,000. Lucila Cruzada, a garment manufacturer in Batangas, is the awardee for Luzon. Emma Morales, who runs an eatery, a convenience store and a motorcycle repair shop in Negros Occidental, is the awardee for the Visayas and Ponciana Escuadro, a nata de coco grower in South Cotabato, is the awardee for Mindanao.

One runner-up per island group was also named. Runners-up win P25,000. Runner-up for Luzon is Juanita Aquino, a cotton recycler and glove maker. For the Visayas, the runner-up is Emilia Montinola, a vegetable wholesaler and retailer in San Carlos, Negros Occidental. For Mindanao, the runner-up is Victoria Lim, a snack food manufacturer.

All Citibank Microentrepreneur of the Year awardees have met the set criteria for the contest: a 100-percent repayment rate, and measurable results in terms of employment generation, sales turnover, growth in enterprise profits, and rate of reinvestment of enterprise profits.

Awardees are also model citizens of their communities with high moral standards and socially responsible behavior. Business assets of nominees for the award should also be no greater than P100,000 at the time of nomination.

The nominees were screened and short-listed by panels composed of representatives from Citibank, government and the private sector. Visits to short-listed microentre—preneurs and videos taken of their businesses, aided the national selection committee in choosing the winners.

A Citi Special Achievement Award was also given to Felicidad Kalalo of Paquil, Laguna. Aside from meeting all the requirements for the Citibank Microentrepre—neur of the Year Award, Kalalo also demonstrated an ability to plan for the future, and her businesses have generated income for other members of the community. Kalalo’s business assets are within the P300,000 cap at the time of nomination. She will receive a trophy and P75,000 prize money.

Microfinance is the provision of small, uncolla—teralized loans to the poor to help them start their own businesses. The search for the Citibank Microentrepreneur of the Year is one of the ways that the bank supports the development of microfinance as a tool to reduce poverty locally. The bank expressed hopes that the awards program would also help motivate existing microentrepreneurs enhance technology, improve production and accelerate income-generating activities.

Citibank is a leading underwriter of the microfinance movement globally, providing financial and technical support to many microcredit programs worldwide. In the Philippines, aside from the search for the Citibank Microentrepreneur of the Year, Citibank also conducts training programs for microfinance institutions with the objective of sharing Citibank’s best practices with the MFIs.