BPI Foundation enhances program for social entrepreneurship
Maricris San Diego
BPI Foundation marks its 40th anniversary by sharpening the focus of its four-year-old flagship program, the BPI Sinag Award, and bringing its efforts at social development to the grassroots.
At the recent launch of this year’s BPI Sinag Award, Maricris San Diego, executive director of BPI Foundation, the social innovation arm of the Bank of the Phlippine Islands, said the foundation’s 40th anniversary was all about “planting the seeds for the future” to keep up with changes.
San Diego said, for Sinag, the focus would be on four industries identified as priority areas: health care, power generation, education and agribusiness. The four priority sectors, she said, had the most potential to make a great impact in the country.
“Our challenge for these social enterprises is to move beyond simply alleviating poverty and into creating wealth for Filipinos.”
Sinag is an initiative that aims to help accelerate the growth of social enterprises, or businesses creating products and services designed to make a social impact in a sustainable manner, targeting the triple bottom line of people, planet and profit.
“Social enterprises are businesses with hearts for communities and the environment,” San Diego explained. “They drive inclusive growth by [dealing with] social problems [using] a business approach, helping ensure their sustainability.”
San Diego said the foundation, by helping the enterprises grow through BPI Sinag, would have “a better chance to be competitive businesses and impactful community-builders.”
BPI Foundation is taking its Sinag program on roadshows until April 13 covering the cities of Cebu, Iloilo, Davao, Cagayan de Oro and Baguio; and the province of Pampanga to invite participants.
Those interested to participate will have the “fast track opportunity” during the roadshows. They can present their business proposals for their social enterprises in a seven-minute elevator pitch, securing automatic inclusion in the BPI Sinag Top 40.
Based on performances, a short list of Top 40 social enterprises will be drawn up from which the Top 20 finalists will be chosen. BPI Foundation will choose the Top 10 awardees for 2018. Five of the 10 will receive P100,000 each, while the top five will get P500,000 each.
The winners will also receive cash grants and continued mentorship. BPI Foundation will offer special access to markets by inviting the enterprises to join events, like the annual BPI Sinag ng Pasko, to bring their products and services directly to consumers.
Aside from shining the spotlight on enterprises that stand out not only for financial success but for their social engagement, BPI Foundation itself is sort of getting its feet wet as it marks its fourth decade with the adopt-a-community program.
The initiative, San Diego, said was designed to make the foundation more relevant and to deepen its impact, particularly in the country’s poorest communities.
As for the Sinag award, entries may be submitted through the www.sinag.bpifoundation.org or email [email protected]. Deadline for submission is April 30.
Since its launch in 2015, Sinag has assisted 138 social enterprises nationwide.
To learn more about BPI Sinag Year 4 follow its official Facebook page, www.facebook.com/BPIFoundation and www.facebook.com/bpisinag, or visit the official website www.bpifoundation.org/—CONTRIBUTED
