BPI Foundation to Inject P2 Million in Local Social Enterprise Ecoystem
Bank of the Philippine Islands’ (BPI) social development arm, BPI Foundation, has just launched the seventh run of its BPI Sinag program, which seeks to find the next batch of notable social enterprises.
Unlike a regular company, a social enterprise is driven by its triple bottomline of profit, people, and planet. BPI Foundation’s Sinag program has been an integral part in building the country’s burgeoning social enterprise (SEs) ecosystem, which has gone from a handful to over 180 in just a couple of years. Social enterprises are guided by their social impact goals, from alleviating poverty to pushing for sustainable farming. And in a time of the pandemic, economic hardship, and political turmoil, social entrepreneurship might be just what this country needs.
“We live in a vast and complicated world and it needs our cooperation and commitment to do all we can to ensure a better and brighter tomorrow for future generations,” said Owen Cammayo, BPI Foundation Executive Director.
“As part of our commitment, we aim to shed light and give hope – give a Spark to our struggling social enterprises (SEs) who, in spite of the pandemic, continue to pledge their cooperation by focusing not just on profit, but also on people and planet.”
This year’s Sinag program is titled Sinag Spark 2021, in continued partnership with Bayan Academy for Social Entrepreneurship and Human Resource Development, Endeavor Philippines, Start-Up Village, and Villgro Philippines, BPI Direct BanKo. It’s also partnering up for the first time with Ayala Land, a sister company at Ayala Corp.
BPI Sinag is calling for all interested social enterprises to apply via this link. Forty will be selected for the shortlist and 20 will move on to the finals. In the end, only 10 will be named Sinag Spark awardees, and the top five SEs will each receive P300,000, while the remaining five will get P100,000, totaling to P2 million in social enterprise funding.
Aside from the cash prize, all participating social enterprises will get access to invaluable mentoring sessions and MBA-like crash courses with leaders in the field, as well as the many experts in BPI’s disposal.
BPI Sinag alumni include a number of SEs with passionate advocacies, from SARET Organic Farmville’s cacao and honey products that support IPs in Bulacan to Xabakid’s livelihood program with locals in Mindanao that produce high quality indigenous fabrics.
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