Filipino Social Enterprises Granted P2 Million From BPI Foundation
The importance of social enterprises has only increased during this pandemic. Social enterprises, by definition, are organizations that put the interests of the people and the planet before profit. They deal in the business of social impact, working on ways to improve the world for the better.
And in the Philippines, the social enterprise landscape is alive and thriving. Just last week, 10 social enterprises were awarded P2 million in cash grants from BPI Foundation’s BPI Sinag Spark 2021 Awards, an annual event that champions companies working toward social good in the country. These 10 social enterprises participated in the competitive BPI Sinag program, which has spent the last seven years empowering and equipping social enterprises with the tools and knowledge they need to scale their businesses.
The top five winners received cash grants worth P300,000 each while the other five will receive P100,000 each. But all 10 social enterprises will be granted priceless mentorship opportunities that will help them grow their business while addressing the triple bottom line of people, planet, and profit. The mentorship will last six months at the pioneering social enterprise incubator Bayan Academy for Social Entrepreneurship and Human Resource Development.
"At BPI, our aspiration is to build a better Philippines, and we believe that supporting the growth of this sector is key to doing just that. We recognize the importance of social enterprises to our economy and society,” said BPI President and CEO TG Limcaoco. “Through BPI Sinag, we are committed to nurture social entrepreneurs and help enable their growth, progress, and sustainability.”
“We recognize that this year has certainly not been easy for businesses of all sizes, given the challenges brought about by COVID-19. I commend and salute your commitment to serving our fellow Filipinos and the planet while helping drive our country's economy during these difficult times,” said BPI Foundation chairman Fernando Zobel de Ayala.
Every year, BPI Sinag introduces a new batch of social enterprises you need to watch, and this year is no exception. The theme for the 2021 program was “Sinag Spark” which represents the need for hope to bounce back from this pandemic. The 10 winners of this year’s BPI Sinag are:
Top 5 Awardees
1| Batangas Egg Producers Multipurpose Cooperative (BEPCO), an organization of farmers, feed millers, and businessmen that are promoting agritech in the Philippines.
2| Ecoveritas Agriculture Technical Assistance Services (COSCAO Chocolate Manufacturing), which sells vegan, organic, and fairly traded chocolate.
3| Likhang Maragondon Native Products Trading, a fashion brand that produces “heritage in your hands.”
4| Mayani, a farm-to-table agritech that connects farmers with sellers through the latest technology.
5| Tinker House, an educational organization that seeks to empower children in STEAM (Science, Technology, Engineering, Arts, and Math) learning.
Top 6-10 Awardees
6| GreenLife Coconut Products Philippines, a company that turns to the “tree of life” to support coconut farmers and villages.
7| MagzWheel Furnitures & TireCycling, a recycling organization that reduces waste by reusing old tires.
8| Peak Foods Processing, a premier fruit preserve manufacturer based in CARAGA.
9| Tagolwanen Women Weavers Association, which produces handcrafted hats from the Bukidnon-Tagoloanen tribe.
10| Tindagat.ph, an agritech that directly connects fishermen with consumers.
These ten social enterprises beat out over 120 others that entered the competitive program. Since 2015, BPI Sinag has supported over 230 social enterprises in the country and provided a total of P20.5 million in prize money. BPI Foundation will be holdings its first-ever Philippine Social Enterprise Summit in November to launch the book, “How to Manage a Business That Does Good.”
If you’re interested in starting your own social enterprise, head over to the BPI Foundation site to learn all about this ecosystem that puts purpose before profit.