Teresita Valdez, who was named national winner of the 2014 Citi Microentrepreneurship Awards (CMA), receives the award from Citi Philippines chief executive Batara Sianturi and Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr.
MANILA - A manufacturer of sauteed shrimp paste (bagoong) and anchovy sauces from Bulacan was named national winner of the 2014 Citi Microentrepreneurship Awards (CMA).
Teresita Valdez started her business with a capital of only P10,000, and used loans from microfinancing firm Tulay sa Pag-unlad Inc. to expand her business.
Currently, her sauce business is generating annual sales of P3.8 million and annual profit of P1 million.
Valdez received her award on Wednesday from Citi Philippines chief executive Batara Sianturi and Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr., co-chairs of the CMA National Selection Committee.
Valdez took home a cash prize of P200,000.
"Para sa akin, basta marunong ka sumikap sa buhay, lahat ng pangarap ay matutupad," Valdez said in her acceptance speech.
The CMA also honored regional awardees Ernani Llema (Luzon), Teresita Nicanor (Visayas), and Edamil Patta (Mindanao).
Llema is a seafoods buyer and dealer, while Nicanor has a squid rings business.
Patta owns a coffee shop and sari-sari store in Bongao, Tawi-Tawi.
The Special Award for Agri Micro-business was also given to modern farming advocate Johnny Larano, Special Award for Innovation to pandan craftsmaker Purificacion Tagulinao, and Special Award for Community Leadership to Rosma Cabillon, a seaweed, squid and crabs buyer and seller from Estancia, Iloilo.
They each received a cash prize of P100,000.
All winners will also be provided a laptop and scholarship to a four-week entrepreneurship training at the Citi Microenterprise Development Center in Quezon City.
They will also receive computer training and health and life insurance coverage.
"Their accomplishment sends a strong signal to other aspiring entrepreneurs to never give up. They very well deserve this recognition for their valuable contribution to the microfinance industry and the Philippine economy," said Sianturi.
The CMA is a nationwide search for outstanding microentrepreneurs in the Philippines launched in 2002.
The program awarded 100 microentrepreneurs this year and provided incentives to boost their respective businesses.
The CMA is a partnership between the BSP, Citi Philippines, and the Microfinance Council of the Philippines, Inc.
The program is also rolled out in over 30 countries worldwide.