July 21, 2018, 5:21 pm
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1 Philippine Peso = 0.0687 UAE Dirham
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1 Philippine Peso = 0.01606 Euro
1 Philippine Peso = 0.03917 Fiji Dollar
1 Philippine Peso = 0.01429 Falkland Islands Pound
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1 Philippine Peso = 0.08962 Ghanaian Cedi
1 Philippine Peso = 0.88982 Gambian Dalasi
1 Philippine Peso = 168.66816 Guinea Franc
1 Philippine Peso = 0.14005 Guatemala Quetzal
1 Philippine Peso = 3.88103 Guyana Dollar
1 Philippine Peso = 0.1468 Hong Kong Dollar
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1 Philippine Peso = 22.25963 Iraqi Dinar
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1 Philippine Peso = 0.31076 Moldovan Leu
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1 Philippine Peso = 2.04293 Nepalese Rupee
1 Philippine Peso = 0.02753 New Zealand Dollar
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1 Philippine Peso = 1 Philippine Peso
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1 Philippine Peso = 106.97905 Paraguayan Guarani
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1 Philippine Peso = 0.25122 Seychelles Rupee
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1 Philippine Peso = 0.02554 Singapore Dollar
1 Philippine Peso = 0.0143 St Helena Pound
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1 Philippine Peso = 153.38571 Sierra Leone Leone
1 Philippine Peso = 10.68088 Somali Shilling
1 Philippine Peso = 393.68313 Sao Tome Dobra
1 Philippine Peso = 0.16367 El Salvador Colon
1 Philippine Peso = 9.633 Syrian Pound
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1 Philippine Peso = 0.62252 Thai Baht
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1 Philippine Peso = 0.08966 Turkish Lira
1 Philippine Peso = 0.12587 Trinidad Tobago Dollar
1 Philippine Peso = 0.57159 Taiwan Dollar
1 Philippine Peso = 42.49906 Tanzanian Shilling
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1 Philippine Peso = 0.01871 United States Dollar
1 Philippine Peso = 0.58277 Uruguayan New Peso
1 Philippine Peso = 145.09914 Uzbekistan Sum
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1 Philippine Peso = 2.04265 Vanuatu Vatu
1 Philippine Peso = 0.04883 Samoa Tala
1 Philippine Peso = 10.52881 CFA Franc (BEAC)
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1 Philippine Peso = 10.52881 CFA Franc (BCEAO)
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1 Philippine Peso = 4.67265 Yemen Riyal
1 Philippine Peso = 0.24818 South African Rand
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More than P1M in cash prizes, incentives await winners of CMA

The Citi Microentrepreneurship Awards (CMA), the annual search for most outstanding microentrepreneurs in the country, officially started this year in a ceremony held recently at the Bangko Sentral ng Pilipinas in Manila.  

Since 2002, the CMA has recognized entrepreneurs at the grassroots who have overtaken poverty with support from microfinance institutions as partners in financial inclusion and enterprise development.

Through its 12-year run, the CMA has recognized microentrepreneurs from Luzon, Visayas, and Mindanao whose thriving businesses have greatly improved their quality of life and helped the community through employment generation.  

“The nominations we receive each year are always awe-inspiring. For instance, it’s amazing how last year’s national winner started from removing fish heads in a bagoong factory before becoming a manufacturer and exporter of bagoong. This year we expect more submissions of similar stories of entrepreneurial triumph,” said MCPI Executive Director Allan Robert Sicat.  

The launch signals the start of the nomination process as program partners Bangko Sentral ng Pilipinas, Citi Philippines, and the Microfinance Council of the Philippines, Inc. prepare to receive nominees for the various awards categories from microfinance banks, cooperatives, non-government institutions, and microfinance networks. A National Winner and Luzon, Visayas, and Mindanao Awardees will be chosen from among the nominees. Special Awardees for Agri Micro-business, Innovation, and Community Leadership will also be recognized.

Cash incentive as well as value-added services awaits the winners. The national winner will receive a cash prize of P200,000, while special awardees will each get P100,000. The loan officers of these winners will also get a cash incentive of P10,000.

The CMA also provides the winners with a two-week entrepreneurship course to help speed up progress of the enterprises. Awardees also receive laptops together with basic computer training. A life and health insurance coverage is also given to the winners to protect them and their dependents from unforeseen events. Town hall celebrations are also organized for each of the winners, giving them the opportunity to celebrate their achievement with family, friends, and employees.

New York-based Citi Foundation’s continuing support to the awards program has allowed for the creation of a mechanism meant to support the microenterprises’ long term growth and stability. A one-on-one mentoring program designed to address specific needs of the businesses has been put in place and will have last year’s awardees as pilot participants.  

Citi Philippines CEO Batara Sianturi in his opening remarks said: “This launch ceremony reaffirms our commitment to uplifting the plight of the microentrepreneurs. We understand the challenges that hinder their growth and there are no over-the-counter solutions that can immediately address their needs.  Despite this situation, we are here today because we all are believers of change – that each of us can drive the change that we want from policies/regulations, process of doing business for these microentrepreneurs to make that leap from micro to small/medium enterprises. Our vision is to have our entrepreneurs compete locally as well as globally.”

BSP Governor Amando M. Tetangco, Jr. credits the CMA for highlighting how microfinance uplifts entrepreneurs from humble beginnings to progressive businesses. He remarks, “The success stories of CMA winners show that the Philippine microfinance industry is catalyzing positive results on the ground. We look forward to see microfinance providers magnifying their outreach to serve more of the financially-excluded segments of our population.”

Since it started, the CMA has gained support not only from industry players but also from distinguished members of the National Selection Committee that have taken on the task of choosing the exemplary microentrepreneurs. They are BSP Governor Amando M. Tetangco, Jr. and Citi Philippines CEO Batara P. Sianturi as Co-Chairs of the Committee; Antonino L. Alindogan, Jr., Member of the Board of Directors of Philippine Airlines; Jose Ma. A. Concepcion III, President and CEO of RFM Corporation; Robina Gokongwei-Pe, President and COO, Robinsons Retail Group; Atty. Felipe L. Gozon, Chairman and CEO of GMA Network, Inc.; Sec. Imelda M. Nicolas, Chairperson of the Commission on Filipinos Overseas; Marixi Rufino-Prieto, Chair of The Philippine Daily Inquirer; and Dr. Darwin D. Yu, PhD, Dean of the John Gokongwei School of Management of the Ateneo de Manila University.   

The CMA started on Citi’s centennial year of operating in the Philippines and in wider Asia.  Three years later in 2005, the CMA was adopted as a global program by Citi and introduced to over30 other countries. Over the last decade, it has recognized 100 Filipinos, a number of whom have grown their businesses significantly in terms of profits and assets.
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