Bangko Sentral ng Pilipinas Governor Benjamin Diokno
Citi Philippines CEO Aftab Ahmed
Through a virtual launch held via Zoom, BSP governor Benjamin Diokno and Citi Philippines chief executive officer Aftab Ahmed revealed that the 18th CMA will have two components: the COVID-19 rehabilitation support package and the recognition of outstanding microentrepreneurs amid the crisis.
“More than ever, it is vital to sustaining our microentrepreneurs, who provide essential products and services in the “last mile”. Predominant in low-income areas and serving as engines driving local economies, microentrepreneurs also nurture swathes of the Filipino population depending on them for post-pandemic recovery and rebuilding. Through CMA 2020, we highlight the creativity and internal fortitude of our microentrepreneurs to serve as a great inspiration,” said BSP governor Diokno.
“We are happy that through the CMA program, we can help microentrepreneurs overcome some of the financial challenges that they are facing and to improve their business proposition, their products, and their services. These businesses need to learn to adapt as well as implement new strategies. This will be particularly important in the coming months as we start moving towards normalization,” added Citi Philippines CEO, Aftab Ahmed.
2018 CMA Regional Awardee for Visayas Rosario Amoroto
2017 Youth Microentrepreneur of the Year Keith Varias
The first component focused on responding to the rehabilitation needs of previous CMA winners, with each winner getting a cash incentive of up to ₱50,000 each. Among the COVID-19 rehabilitation support package recipients are the 2017 Youth Microentrepreneur of the Year Keith Gonzales Varias and the 2018 CMA Regional Awardee for Visayas Rosario Amoroto.
On the other hand, the second component will highlight the important role of microentrepreneurs in rebuilding local economies during the COVID-19 crisis. The awards are open to microenterprises with assets less than ₱3 million. Three island group winners from Luzon, Visayas, and Mindanao and two other special awardees, namely the Youth Entrepreneurship awardee and the COVID-19 response champion, will be recognized.
All five awardees should have successfully rebuilt their enterprise to a level that is now contributing to local economies during the COVID-19 crisis while maintaining a healthy repayment record on their loan even as they continue to rebuild their enterprise. Additionally, the COVID-19 response champion should have supported, innovated, or led pandemic response initiatives to help others.
The three-island group winners, the Youth Microentrepreneur, and the COVID-19 response champion will get ₱100,000 each, as well as one-year microinsurance coverage. A National Winner will be selected from the five winners who will be receiving an additional ₱100,000. All winners will be determined by the NSC and recognized in a simple awards ceremony in June 2021.
Through these efforts, the CMA will ultimately highlight role models for aspiring and hardworking entrepreneurs and generate greater awareness and appreciation of microfinance and microenterprise development as a tool for employment generation and poverty reduction.
Citi Philippines CEO Aftab Ahmed (left) receives the award given by the American Chamber of Commerce of the Philippines Foundation for Best Photo in the “Creating Sustainable Livelihood Category” together with corporate affairs head Lisa Coory (middle) and citizenship officer Jackie Ampil (right). The photo shows Citi employees assisting the community women of Gawad Kalinga’s Bayanihan Village, as they learn to cook healthy meals for their families and for a home-based business.
This activity is part of Global Community Day, a time-honored annual tradition where Citi employees in different parts of the world come together with their families and friends to share their time, skills and expertise in the cities where they live and work.
Most people would agree that when it comes to credit cards, Citi has to be on the top of their most wanted list. If they had to choose one credit card to own most, I have found, would say they want a Citi credit card.
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Citi is one of the most highly respected financial institutions in the world and as such, they have the most stringent screening process when accepting applications. After all, they want to make sure that their members actually have the capacity to pay.
* Note: the information below was lifted directly from the Citi Philippines website.
Eligibility of the card applicant:
is at least 21 years old
has a minimum income of:
P180,000 per year if you have another credit card
P250,000 per year if you have no credit card
has an active landline or mobile phone number
has a valid TIN, SSS, GSIS or UMID number
A deposit account with Citi is not necessary.
Required documents:
if you have an existing principal credit card
any government issued ID (driver’s license, SSS, UMID, passport, etc.)
if you do not have a credit card or your existing credit card is a supplementary card
any government issued ID (driver’s license, SSS, UMID, passport, etc.)
proof of income (ex. payslip, income tax return (ITR))
bank statement of your payroll account showing your one-month salary
a signed certificate of employment
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Interest back cards
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This is the card for those who like to keep it simple.
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Rebate cards
Citi Cash Back Card
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get up to 2% rebate on your Meralco bill payments done through Citibank Online or Citi® One Bill®.
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Shell Citi Card
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For those who buy their medicine from Mercury Drug. This is probably the card I would recommend for people with maintenance medicine, which means they buy medicine often.
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Travel cards
Citi PremiereMiles Visa Card
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Rewards cards
Citi Prestige Card
This is the creme de la creme of all the Citi cards. This card is also good for those who love to travel.
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Complimentary Airport Meet and Assist services and one-way luxury airport transfers for primary cardmembers at select airports, twice (2x) per the calendar year.
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This card has special features that the other Citi cards do not have:
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Every P30 spend earns you 1 ThankYou Point.
Earn 5x points on shopping, dining and foreign currency spend here or when you travel abroad.
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Enjoy an unlimited 4th night free stays at any hotel booked through the concierge.*
Complimentary Priority PassTM Membership for principal cardmembers with unlimited access to over 1,000 VIP airport lounges worldwide, with four (4) guest passes per membership year.**
Complimentary Airport Meet and Assist services and one-way airport luxury transfers for principal cardmembers at select airports, twice (2x) per the calendar year.
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Enjoy three (3) complimentary rounds of golf each calendar year at participating golf courses.
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Get 3X points when you shop, dine or book Cebu Pacific tickets.
Use your points to redeem free flights, hotel stays, or merchandise.
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How long does approval take?
Approval usually takes 5 to 7 days but online applications are often faster.
Apply for a Citi credit card now!
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Bangko Sentral ng Pilipinas (BSP), Citi Foundation and Microfinance Council of the Philippines (MCPI) awarded nine outstanding Filipino microentrepreneurs at this year’s 16th Citi Microentrepreneurship Awards (CMA).
Winning the national award was (second row, center) Erwin Ramos, owner of Erwin and Lanie’s fishball from Bulacan.
The regional winners were (second row, left to right) Rosario Amoroto of Island’s Best Foods for Visayas, Maria Elena Estadola of New Life Crafts – Infinito for Luzon, and Arnold Viado of Bam and Jhon Balut Maker for Mindanao.
Mary Grace Bayalas (top row, second from left) of Bayalas Birthing Home and Family Planning won the Youth Microentrepreneurship Award.
Special awards were given to (top row, left to right) Romeo Ponio, a corn and vegetable farmer for Agri Micro-business; Jessette Oquendo of Surublien for Community Leadership; Estrella Balnao, a coffee farmer and producer for Agri Micro-Business; and Marisa Ganding of Azul Massage Suites and Wellness Center for Startup Micro-Business.
The 16th CMA National Selection Committee included (front-row, left to right) BSP deputy governor Chuchi Fonacier, Citi Philippines CEO Aftab Ahmed, Marixi Rufino-Prieto and Joey Concepcion. To know more about annual CMA or for more information about Citi, visit www.citibank.com.ph.
Bangko Sentral ng Pilipinas (BSP) governor Nestor A. Espenilla, Jr. and Citi Philippines CEO Aftab Ahmed jointly announced the launch of the 16th Citi Microentrepreneurship Awards (CMA) during the recently held annual conference of the Microfinance Council of the Philippines, Inc. (MCPI).
Since its inception in 2002, the CMA awards program, a partnership among BSP, Citi Philippines and MCPI, with funding support from Citi Foundation, has been steadfast in its commitment towards recognizing entrepreneurs who have beat the odds, lifting themselves and others out of poverty. The awards also recognize the strong support from microfinance institutions as key partners, underscoring the role these organizations play in financial inclusion and enterprise development.
Nestor Espenilla, Jr., BSP Governor
In his keynote speech, governor Espenilla took note of how digital technology has made an impact in the development of microfinance in the country. “The digital revolution is fundamentally reshaping the financial inclusion landscape and traditional financial value chains,” he said. “Rapid digital innovations in financial technologies have led to the emergence of more dynamic business models.”
“Amidst all the talk of technology and disruption, it is only appropriate that we continue to showcase inspiring stories through the Citi Microentrepreneurship Awards, which has served as a vehicle for inspiring microentrepreneurs nationwide to achieve greater heights,” says Espenilla.
The event saw the introduction of the commemorative book “From Modest Dreams to Microentrepreneurial Triumphs,” which shares success stories of past CMA winners, inspiring tales of winning against adversity through hard work and perseverance.
Aftad Ahmed, Citi Philippines CEO
In his remarks, Citi’s Ahmed said: “The Citi Microentrepreneurship Awards are about the passion, energy, and commitment of microentrepreneurs who want to do better for themselves and their families. At Citi, we are proud to help people pursue their dreams because we are committed to making a difference in the communities where we live and work.”
Governor Espenilla and Aftab Ahmed serve as co-chairpersons of the CMA National Selection Committee. Other members include industry and community leaders such as:
Ayala Corporation president Fernando Zobel de Ayala;
RFM Corporation president and CEO Jose Ma. Concepcion III;
GMA Network, Inc. chairman and CEO Atty. Felipe Gozon;
former Philippine Daily Inquirer chairperson Marixi Rufino-Prieto;
DTI secretary Ramon Lopez; SPARK! Philippines trustee Imelda Nicolas;
SM Investments Corporation vice chair Teresita Sy-Coson;
Voyager Innovations, Inc. president Orlando Vea;
National MSME Development Council-Mindanao Private Sector representative Mary Ann Montemayor; and
University of the Philippines Diliman chancellor Dr. Michael Tan.
The awards are open to microenterprises with business assets up to PhP3 million. The award categories are Microentrepreneur of the Year Award, regional awardees from the three major island groups (Luzon, Visayas, and Mindanao), Youth Microentrepreneur of the Year, and special awards for agri micro-business, community leadership, and green/sustainable business.
The national winner of the Citi Microentrepreneurship Awards will receive PhP200,000 while the three regional awardees, the youth awardee, and special awardees will each get PhP100,000. The loan officers and MFI branches of each awardee are also given a cash incentive of PhP10,000. Semi-finalists will receive a cash incentive of PhP10,000.
In addition to cash prizes, long-term sustainability of the winning microenterprises is of vital importance, thus, entrepreneurship training and mentoring is also provided at the Citi Microenterprise Development Center.
About Bangko Sentral ng Pilipinas
The Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. It was established on July 3, 1993 pursuant to the provisions of the 1987 Philippine Constitution and the New Central Bank Act of 1993.
The BSP took over from the Central Bank of Philippines, which was established on January 3, 1949, as the country’s central monetary authority.
The BSP is committed to promote and maintain price stability, a stable financial system, and efficient payment and settlement system, conducive to a balanced and sustainable growth of the economy.
Since 2000, the BSP has played a key role in increasing access to financial services to the entrepreneurial poor by mainstreaming microfinance in the banking sector. In 2007, the BSP embraced the goal of financial inclusion as a way of bringing the financial system closer to all Filipinos, especially to the financially underserved and unserved.
The overall vision is to build an inclusive financial system where there is effective access to a wide range of appropriate financial products and services for all filipinos. The Philippines is known for having one of the best regulatory frameworks for microfinance, and as a global leader in terms of having a conducive environment for financial inclusion.
About Citi Foundation
The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant cities. The Citi Foundation’s “More than Philanthropy” approach leverages the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation.
About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions.
Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
About Microfinance Council of the Philippines, Inc.
The Microfinance Council of the Philippines, Inc. (MCPI) is the national network of microfinance institutions (MFIs) and support organizations in the Philippines advocating sustainable, innovative, and client-responsive solutions to poverty in the country.
MCPI is currently comprised of 61 members (48 MFIs, 2 regional networks, and 11 support organisations) which account for 80 percent of the microfinance sector in the Philippines. Its key programs include advocacy, capacity building for MFIs, social performance management and client protection in microfinance, knowledge management, and network development.
Citi Simplicity+ Card
Citi Cash Back Card
Shell Citi Card
Mercury Drug Citi Card
Citi PremiereMiles Visa Card
Citi Prestige Card
Citi Rewards Card
The Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. It was established on July 3, 1993 pursuant to the provisions of the 1987 Philippine Constitution and the New Central Bank Act of 1993.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions.
The Microfinance Council of the Philippines, Inc. (MCPI) is the national network of microfinance institutions (MFIs) and support organizations in the Philippines advocating sustainable, innovative, and client-responsive solutions to poverty in the country.
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