The Bangko Sentral ng Pilipinas will help distribute financial aid to more microfinance institutions and micro entrepreneurs through its third Digital Financial Inclusion Awards.

The BSP said each winner will receive P100,000 and laptops to help such lenders reach more entrepreneurs through digital tools.

The winning entrepreneurs can also diversify their products or grow their operations using the prizes, the BSP added.

“Digitalization serves as a bridge that connects the financially underserved segments of the population to providers of formal financial services,” BSP Governor Eli Remolona Jr. said.

Winners will consist of four microfinance institutions and 15 microentrepreneurs.

The awarding ceremony will be held on 8 November.

Partnership’s goal

The Digital Financial Inclusion Awards is an extension of the Citi Microentrepreneurship Awards by the Citi Foundation and the Microfinance Council of the Philippines Inc.

The BSP supports this initiative as it continues to improve regulations on digital financial transactions among individuals and businesses.

“Citi Foundation invests in efforts that increase financial inclusion, economic opportunities for the youth, and develop community solutions because it leads to economic empowerment and opportunities for low-income communities and individuals around the world,” Citi Philippines chief executive officer Paul Favila said.

Based on BSP’s data, microfinance institutions increased by 2.4 percent to 4,263 in the second quarter of 2023 compared to the same period in 2022.

Meanwhile, micro enterprises have grown to over 1 million, data from the Department of Trade and Industry show.

Financially-free

The first microentreprenuer awardee Phoebe Borce shared she was able to put up Bovinz Food House in Dumaguete City, Negros Oriental during the pandemic using her cash prize and laptop.

The 43-year-old entrepreneur previously worked overseas for 13 years before returning to the Philippines to serve a Japanese school as its head chef.

“The pandemic and the government decided to close all borders and businesses, including the school I was working for. But I’m not one who would just sit and do nothing,” Borce said.

“That’s why Bovinz on wheels is my next project and a new branch in Dipolog City will be open soon,” she added.