Amando M Tetangco, Jr: Empowering entrepreneurs through responsive
microfinance programs
Speech by Mr Amando M Tetangco, Jr, Governor of Bangko Sentral ng Pilipinas (BSP, the
central bank of the Philippines), at the 2013 Citi Microentrepreneurship Awards (CMA)
Awarding Ceremonies, Manila, 3 December 2013.
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Magandang hapon sa inyong lahat! We are gathered once again to celebrate a happy event:
the awarding of our top achievers in the Philippine microfinance sector.
I can tell you that it took a lot of work: we had to go through evaluation, discussions and
validation. But in the end, we are very pleased that we continue to see many inspiring
success stories of Filipino microentrepreneurs.
Let us therefore acknowledge all those involved in this Citi Microentrepreneurship Award: Citi
Philippines represented by Country Officer Batara Sianturi; Microfinance Council of the
Philippines (MCPI) represented by Chairman Mila Banker; the officers and staff of the
Bangko Sentral ng Pilipinas; and finally, our amazing and committed members of the board
of judges under the National Selection Committee which include: Mr. Batara Sianturi,
Mr. Antonino Alindogan, Jr. and Ms. Marixi Rufino-Prieto. Atty Felipe Gozon is represented
by Ms. Teresita Pacis of GMA.
We also acknowledge the presence of Mr. Michael Zink, Head of ASEAN and Singapore
Country Officer of Citi, as well as MBM Felipe Medalla, Adviser to the BSP Microfinance
Committee.
And most of all, we congratulate all the finalists and all the winners of the 2013 Citi
Microentrepreneurship Awards for continuing to surprise us with your creativity, your
discipline, and your humility even as you achieve your goals in the face of many challenges
that come your way.
Congratulations po sa inyong lahat. Through you, we are reassured again and again that
microfinance is a viable option for entrepreneurial Pinoys. Eleven years na po tayo and
counting. Our family of awardees keep growing and you continue to make us proud.
Ipinagma-malaki namin kayo.
Dahil po dito, we continue to find ways to enhance our annual awards program. This year for
instance, we are giving a Special Award for Microenterprise Leadership. This will be awarded
to a previous winner whose success continues to bring it to another level of growth and
expansion.
Ladies and gentlemen. Seeing our microentrepreneurs graduate into the next level as a
small enterprise is a milestone we look forward to. In this connection, we have developed
support programs to make this happen.
Among others, the regulation of the Bangko Sentral ng Pilipinas on "microfinance plus"
increases the ceiling of microfinance loans from one hundred fifty thousand (P150,000.00) to
three hundred thousand pesos (P300,000.00) to support further growth that will employ more
people, create wealth, and contribute to broad-based, inclusive growth.
As it is, we are already seeing positive results from providing microentrepreneurs access to
finance. As of end-June 2013, 186 banks with microfinance operations were serving over
one million clients with combined outstanding loans of 8 billion pesos. And these
microentrepreneurs have become net savers... with consolidated bank deposits of 8.9 billion
pesos, an amount that easily surpasses their total loan. It is clear, these microentrepreneurs
are on the road to attaining a certain level of financial independence.
We also continue to implement programs to provide more Filipinos access to financial
services that would empower people to improve their lives. For instance, there are now
391 micro-banking offices that provide a broad range of financial services in new areas.
In addition, a retail electronic payments system through e-money and mobile banking is in
place with 30 e-money issuers working alongside a network of more than 12,000 cash-in and
cash-out agents. Indeed, we continue to post gains in our program to develop a more
inclusive financial system that will promote inclusive growth.
Ladies and gentlemen. This year's CMA is taking place on the heels of super typhoon
Yolanda that devastated parts of Leyte, Samar and other islands in the Visayas. Some of our
previous CMA winners were not spared. Our regional winners from Bantayan and
Malaspacua Islands in Cebu reported that the typhoon wiped out everything they owned.
Also affected are our previous winners living in Iloilo, Negros and Leyte.
Destructive natural calamities underscore the importance of having adequate insurance
protection especially for the most vulnerable. In particular, microinsurance can protect the
hard-earned gains of our microentrepreneurs. For this reason, starting in 2011, the prizes of
CMA winners include microinsurance.
Indeed, challenging times call for stronger partnerships. And to show our support and
solidarity to our microentrepreneurs, we conducted here at the Bangko Sentral last week a
three-day event which we called Microfinance Partnerships during Challenging Times.
Fellow advocates of microfinance, let us continue to enhance and strengthen our
partnerships in support of our microentrepreneurs who have improved the lives of their
families and generated employment for millions of Filipinos.
It is also noteworthy that our microentrepreneurs are also known for their generosity in
helping other would-be entrepreneurs. They would readily share their stories and mentor
others. Last month for instance, the Bangko Sentral's financial education lectures for
1,700 teachers and principals of the Department of Education in Kabankalan, Negros
Occidental was made more memorable and inspiring by the sharing of local
microentrepreneurs from Negros.
Indeed, our microentrepreneurs have developed a culture of sharing. In words and in deeds,
they inspire others who aspire to better their lives through microfinance. Across our country,
our microentrepreneurs prove that humble beginnings can lead to success beyond their
dreams and sometimes even beyond our borders.
Once again, congratulations to our CMA winners this year. Mabuhay ang microfinance!
Mabuhay ang ating mahal na bansang Pilipinas!
Maraming salamat sa inyong lahat!