The Bank of the Philippine Islands (BPI) has launched a new initiative to strengthen the microenterprise sector through a series of business training programs across the country.
The BPI Foundation (BPIF), in partnership with BPI Direct BanKo and the Department of Trade and Industry-Philippine Trade Training Center-Global MSME Academy (PTTC-GMEA), provided business training and mentorship to 370 microbusinesses in Rizal, Cebu, Negros Occidental, Leyte, Samar, and South Cotabato.
The program, called the Small Enterprise Acceleration Lab-Business Expansion through Training and Application (SEAL-BETA), also included a market fair where participants sold P2.25 million worth of products.
Select entrepreneurs also received P25,000 in pitch grants and P20,000 in awards for booth set-up.
“We carried out this initiative recognizing that our microbusinesses… have the potential to thrive when equipped with suitable training tailored to their needs,” Carmina Marquez, BPIF executive director, said in a statement.
“By empowering them to grow and innovate, we believe they can become self-sustaining and deliver services to their customers well,” said Marquez.
According to data from the DTI, micro, small, and medium enterprises (MSME) comprised 99.63 percent of business establishments in the Philippines in 2023.
Micro-enterprises accounted for 90.43 percent, while small and medium enterprises made up 8.82 percent and 0.38 percent, respectively.
The BPI SEAL-BETA program provides participants with intensive training in areas such as product diversification, digital payments, costing and pricing, negotiation and entrepreneurial finance.
