ALMATY, KAZAKHSTAN. The Small Business Corporation (SBCorp) was conferred an award during the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) 46th Annual Meetings held last May 15-17, 2023 in Almaty, Kazakhstan.
SBCorp’s Helping the Economy Recover thru OFW Enterprise Start-ups or HEROES Program was declared as the winner under the Local Economic Development Category of the 2023 ADFIAP awards.
The annual ADFIAP Awards gives recognition to member-institutions which have undertaken projects that created positive impact in the areas of small and medium enterprises, the environment, infrastructure, technology, trade, local economy, corporate governance, and corporate social responsibility.
The HEROES Program provides displaced Overseas Filipino Workers (OFWs) the opportunity to start their own business amidst the uncertain economic situation during the Covid 19 pandemic. As part of the government’s reintegration program for OFWS, repatriated Filipino borrowers that accessed this innovative financing program have been able to pivot to entrepreneurship to sustain themselves and their families during and beyond the height of the pandemic.
As of year-end 2022, SBCorp has been able to release P60.91 million in loans to 1,115 OFWs who were displaced due to the pandemic and national health emergency starting in March 2020. Loan beneficiaries included start-up micro businesses mostly in the services (42%) and trading (31%) industries.
In the photo: Receiving the award are SBCorp President/CEO, Robert C. Bastillo (2nd from left) together with SBCorp Senior Vice President for Strategy Management, Angelito B. Acupan (last on the right). Handing the award are ADFIAP Chair Mominul Islam (1st on the left) and 2nd Vice- Chair Khao Thach (3rd from left).
ADFIAP is the focal point of all development banks and other financial institutions engaged in the financing of development in the Asia-Pacific region. Its mission is to advance sustainable development through its members. Founded in 1976, ADFIAP has currently 90 member-institutions in 40 countries.