BPI champions PPP– people, planet, profit
An ecosystem of businesses with a “triple bottom line of people, planet and profit.”
Such is the vision behind the Bank of the Philippine Islands (BPI) Foundation’s Sinag program, which aims to provide social entrepreneurs the educational and financial aid they need to maximize their respective businesses’ growth, as well as help them build a sustainable network of small and medium enterprises (MSMEs) that will serve as their own support group.
Now on its third year, the BPI Sinag program was launched recently in Makati City.
Accepted applicants will undergo targeted mentorship through boot camps; get to build their network in their respective industries; and have access to suitable financing options.
“However, guided by what we have learned from BPI Sinag’s previous years, we will [now] introduce more indepth impact assessments; identify gaps or areas of improvement; and come up with documentation that can educate other social enterprises in the future,” said BPI Foundation executive director Fidelina Corcuera.
“In addition, we have lined up community support activities, foremost of which is an Investor Education Seminar, which aims to encourage both new and seasoned angel investors to consider social entrepreneurship space in their investment portfolios,” Corcuera said.
The program is divided into two components: one is BPI Sinag U, which, in partnership with the Ateneo Center of Social Entrepreneurship (ACSent), is open to student social entrepreneurs who would like to build their potential business ideas; while the other is BPI Sinag Accelerate, which, together with the Bayan Academy for Social Entrepreneurship and Human Resources Development, will help registered social enterprises which are at least two years old looking to fast-track their growth.
Corcuera said that while these were not particular criteria, social enterprises with agricultural leanings that serve marginalized communities, such as indigenous peoples, especially those in Mindanao, are what BPI Sinag Accelerate hopes to attract to the program this year. (More information on the program and its application process can be accessed at sinag.bpifoundation.org, facebook.com/bpisinag, and twitter.com/bpisinag.)
“We’re pushing [for this], because I think this is the area where [help is] most needed—agriculture, because of food security, and because our farmers and fisherfolk are the poorest of the poor,” said Corcuera.
In the last two years, BPI Foundation, through Sinag, has worked with a wide variety of social enterprises, creating a community of over 20 businesses that includes brands such as Bayani Brew, Habi Footwear, Citihub, and Plush and Play. Corcuera hopes this year to not just grow that community, but create a social enterprise ecosystem with the help not just of private sector but also the government.
“We are trying to be more actively involved when it comes to government policies [concerning social enterprises]. [The] Department of Trade and Industry is a huge proponent of MSMEs… so what we’re doing is we’re working, collaborating with them, so we could participate in whatever they have, or we get support for our social entrepreneurs,” said Corcuera.
“The value proposition of social enterprises is a formidable one,” added Bangko Sentral ng Pilipinas (BSP) Deputy Governor Nestor Espenilla Jr., who was guest speaker at Sinag’s launch. “The strategic blend of business objectives with a social mission has the potential to significantly and directly contribute to inclusive development and shared prosperity. It is encouraging, therefore, to see that, once still in the very early stages, the social enterprise sector in the Philippines is growing.”
The value proposition of social enterprises is a formidable one Nestor Espenilla Jr. Bangko Sentral ng Pilipinas (BSP) Deputy Governor