Wanted: Best microfinance institution

MANILA, Philippines - The Rafael B. Buenaventura Awards for Outstanding Microfinance Institutions (Paeng Microfinance Awards) will honor five microfinance institutions (MFIs) for their pioneering work in the country’s microfinance industry.

The Rafael B. Buenaventura Micro Finance Resource Center Foundation Inc. (RBB Foundation), formed by the Bankers Association of the Philippines (BAP) in 2007, is open for nominations.

The RBB Foundation is the entity that will issue the awards.

Deadline of entries or nominations is on May 15.

According to the BAP, the objective of the awards is to recognize MFIs who through their initiatives have been able to carry out exemplary work, work of emulation, empowering a community, sector or barangay.

 “In recognition of the contribution of the outstanding MFIs, the RBB Foundation will provide technical assistance consisting of a wide range of areas and tailor fit to the needs of these MFIs with view to improving and strengthening their capacity to become commercially sustainable,” it added.

The awards for MFIs is a result of the commitment set by the late Rafael B. Buenaventura, then governor of the Bangko Sentral ng Pilipinas (BSP) from 1999 to 2005.

During his tenure, Buenaventura was known for facing challenges head on.

Mainstreaming microfinance in the banking sector was made possible with his vision coupled with his keen ability to empower those who worked with him to bring the vision into fruition.

“He believed that microfinance had a positive transformational impact in the fight against poverty,” the BAP said.

In fact, the global microfinance circles praised Buenaventura as having institutionalized microfinance at a time when it was considered a non-governmental activity and unsustainable.

When sustainable microfinance was still being pushed by the private sector, mainly NGOs, the BSP was pushing the banking sector to take the cudgels for the un-banked and under-banked segment of society.

For more information, visit the website of the Rafael B. Buenaventura Micro Finance Resource Foundation at http://rbb.bapcb.com.