Once again, the exceptional microfinance institutions (MFIs) and microentrepreneurs in the country have received recognition for their achievements in digitalization at the 2nd Digital Financial Inclusion Awards (DFIA).
The DFIA is a financial inclusion initiative funded by the Citi Foundation in collaboration with the Microfinance Council of the Philippines, Inc. (MCPI) and with support from the Bangko ng Sentral ng Pilipinas (BSP). This program is dedicated to honoring exceptional microentrepreneurs and MFIs that have successfully embraced digital solutions in their operations. Additionally, it aims to raise awareness and readiness for 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 outstanding microentrepreneurs were recognized and presented with cash prizes and laptops. These twenty winners each received PHP100,000. Their names 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 covered a wide range, including food production, poultry, organic products, handicrafts, weaving, and printing.
Five microfinance institutions were also announced as winners during the awarding ceremony, each receiving a cash prize of PHP100,000. This financial incentive is intended to further enhance their digital financial services programs. The winning MFIs 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.
BSP Governor Eli M. Remolona, Jr. commended the awardees for embracing the transformative potential of digital technologies, expressing hope that their ongoing work will serve as a model for their peers. He emphasized the BSP’s commitment to creating a regulatory environment that fosters digital financial innovation, benefiting more micro, small, and medium enterprises (MSMEs).
Citi Philippines CEO Paul Favila expressed his hope that the DFIA awards program will continue to inspire and acknowledge the efforts of MFIs and microentrepreneurs for years to come. He underscored Citi’s ongoing commitment to enhancing financial inclusion in the country.
Favila stated, “We are truly impressed by the achievements of your businesses, especially during challenging times, and your contributions to local communities. We also recognize the efforts of the microfinance institutions that have proactively initiated the journey of digital transformation while consistently supporting and empowering microentrepreneurs. Behind each success story, there lies an inspiring narrative of resilience, courage, and determination. These stories contribute to Citi Foundation’s mission to promote economic progress and enhance the lives of individuals in low-income communities worldwide.”
Through the 2nd DFIA, microentrepreneurs and MFIs are encouraged and inspired to adopt digital solutions that will further the digitalization of businesses and empower local communities for the economic growth of the country.
The DFIA program is an evolution of the Citi Microentrepreneurship Awards, which allows Citi Foundation and MCPI to continue raising awareness about the significance of microentrepreneurship and microfinance in supporting financial inclusion and economic empowerment for low-income individuals.
