BPI Sinag to spark hope for struggling social enterprise sector
BPI Foundation, the social development arm of the Bank of the Philippine Islands (BPI), today launched its 7-year running business challenge called “Sinag Spark 2021”, part of the BPI Sinag program that aims to nurture, develop, and empower the local social enterprise (SE) sector.
The BPI Sinag program was introduced in 2015. While it was initially conceived as a business challenge for SEs, it has now evolved into a growing ecosystem (over 180 SEs) that continues to bring together not just the country’s visionary entrepreneurs, but also mentors, investors, and other stakeholders who share the same goal of achieving inclusive and sustainable growth through social entrepreneurship.
“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, the program continues its partnerships with social impact organizations such as Bayan Academy for Social Entrepreneurship and Human Resource Development, Endeavor Philippines, Start-Up Village, and Villgro Philippines, as well as BPI Direct BanKo, the microfinance arm of BPI. For the first time since its conception, BPI Sinag has also partnered with Ayala Land, a subsidiary of Ayala Corporation, to help expand the market access of SEs.
In the “Sinag Spark” business challenge, 40 SEs will be included in the shortlist, of which, 20 will move on to the finals. Out of the Top 20, 10 social enterprises who are best able to showcase their business viability and social impact will be named the BPI Sinag Spark awardees. Aside from exclusive mentorship opportunities, the awardees will also receive cash grants amounting to P300,000 for the top five SEs and P100,000 for the rest.