Photo courtesy of BPI Foundation
BPI Foundation, together with Peace and Equity Foundation (PEF), has announced the 10 Filipino social enterprises that will receive mentorship, incubation and access to the appropriate financing options such as seed-funding grants, debt and equity as part of BPI Sinag Accelerate 2016.
READ: BPI Sinag Accelerate’s 20 finalists announced
BPI Sinag Accelerate is the category of the BPI Sinag Business Challenge that aims to scale up social enterprises that have been in operation for two years or more. The BPI Sinag Business Challenge is BPI Foundation’s iconic program that supports social enterprises, or businesses with the triple bottom line—people, planet, and profit.
READ: BPI Foundation launches bigger ‘Sinag Business Challenge’
The finalists are Churner Group Inc., Organic Options, Kapwa Greens, Camotes Coop, Akaba Ltd. Designs Co., Fresh Start Organics, Balangay’s Best, Lasiwwai, City Hub and Dalereich Food Products.
Combining social impact and financial sustainability
Along with BPI Sinag Accelerate, the challenge also has the BPI Sinag U category, run in partnership with the Ateneo Center for Social Entrepreneurship. This category is focused on empowering university students to start their own social enterprises.
BPI Foundation believes that investing in social enterprises is one of the most effective ways to promote inclusive growth, engaging more Filipinos in a shared commitment to make the country’s progress felt by every member of society. As they apply commercial methods to address problems in society, social enterprises areable to make a profound difference in the environments they operate in and do so in a financially sustainable manner.
“Through BPI Sinag, BPI Foundation hopes to foster an innovative ecosystem that optimizes social good for depth and breadth of impact. It is one of our iconic programs that aligns to the Bank’s core competency and actively supports the micro-small-enterprises development thrust of the government in its overall inclusive growth agenda,” said Fidelina Corcuera, executive director, BPI Foundation.
Launched in May this year, BPI Sinag Accelerate has received interest and applications from over 100 social enterprises from all over the country, representing different industries such as food, agriculture, fashion, technology and services.
The culmination of the journey
The top 20 were then shortlisted to pitch their business plans to judges who included Roberto “Bobby” Calingo (executive director, PEF), Markus Dietrich (founder, Asian Social Enterprise Incubator), Rico Gonzalez (managing director, xchange) Leah Macatangay (dean, Central Colleges of the Philippines) and Ma. Mercedes “Cedoy” Roces (senior vice president, BPI Family Savings Bank).
Based on their presentations, the panel of judges selected the top 10 that will receive support and investment from BPI Foundation. They will be recognized in the BPI Sinag Accelerate awarding ceremony.
(L-R) Ms. Faye Corcuera (BPI Foundation), panel moderator Cathy Yang (ANC), lawyer Tony Abad, Cesar Consing (BPI), Aleem Guiapal, Jeannie Javelosa and DTI Assistant Secretary Blesila Lantayona. Photo from BPI Foundation
To further add value for the social entrepreneurs, the ceremony will also feature a panel discussion on “Gearing-Up Social Enterprises to Win in a Competitive Asean Landscape.” Thought leaders such as international trade expert Tony Abad, advocate for the participation of Muslim Filipinos in business and industry; the bureau director for economic affairs of the National Commission on Muslim Filipino, Aleem Guiapal; social entrepreneur Jeannie Javelosa; and Trade and Industry Assistant Secretary Blesila Lantayona shared their insights on emerging issues and challenges faced by social enterprises in the context of the Asean integration.
In addition to the mentorship and financial access, BPI Sinag participants will be showcased at a Christmas Bazaar, Sinag ng Pasko, on Dec. 6 at the activity center of Glorietta mall in Makati City. This is part of BPI Foundation’s aim to get BPI Sinag social enterprises better exposure and to give consumers better access to more responsibly made, all-Filipino products.