Metrobank is lone global recipient of The Banker's Financial Inclusion Award
(The Philippine Star) | Updated December 15, 2013 - 12:00am
MANILA, Philippines - The Metropolitan Bank & Trust Company, through its
corporate social responsibility arm, the Metrobank Foundation Inc., was
awarded the Financial Inclusion Award by The Banker, the world's premier
banking and finance resource monthly magazine based in the United
Kingdom and read in over 180 countries, during the 2013 Bank of the Year
Awards held last Nov. 28 at the Intercontinental Park Lane Hotel in London.
The Financial Inclusion Award given by an international financial
affairs publication owned by The Financial Times Ltd. pays tribute to
the cream of the crop of global banking.
As the lone global Financial Inclusion awardee, Metrobank was
distinguished for its support to the Back-to-Back Financial Education
and Microfinance for overseas Filipino workers (OFW) in Singapore and
their families in the Philippines.
In partnership with Alalay sa Kaunlaran Inc. (ASKI) Philippines, one of
the country's largest microfinance institutions and its subsidiary, ASKI
Global Ltd., the program provides training on financial education and
basic entrepreneurship to OFWs in Singapore and their respective family
members in the Philippines to help create financial stability.
"We are honored to be this year's recipient of The Banker's Financial
Inclusion Award. Beyond the prestige, for us, it is an affirmation of
the work that we are doing for the low-income OFW sector and their
families. Receiving this award extends to the future of the children of
these OFWs because it brings opportunity of income sustainability
through the microfinance funds made available for the establishment or
expansion of micro enterprises," said Metrobank Foundation president
Aniceto Sobrepeña.
"It gives added hope that the OFWs and their families would have to help
each other improve their lives together in their own homes, without
having the OFW family member leave the country to earn a living. The
award will keep inspiring the economic growth in the localities of these
OFW families, because as businesses are established, doors of employment
are opened," Sobrepeña said.
"The prestigious award did not just recognize Metrobank and the
Metrobank Foundation, but the hundreds of thousands of Filipino workers
in Singapore, and the millions of them in world, and their families back
home," he added.
During Metrobank's 50th anniversary celebration last year, the bank
heightened its support to the OFW program of ASKI by extending a
P12-million grant to the program from a previous grant worth P250,000 in
2011.
Dubbed as the MetroGold Financial Education Program and for Migrant
Workers and MetroGold for Migrant Workers, an amount of P2 million and
P10 million were allocated for these two programs, respectively. Before
graduates will be able to avail themselves of a loan, they have to
present business cases of the kind of enterprise that they intend to
establish.
As a result of the support in 2011, 90 percent have increased their
monthly savings by at least 10 percent. All students have submitted
business plans that will enable them to establish business in the
Philippines using the remittances or through applying for a microfinance
loan.
So far, for the MetroGold microfinance program, over P4 million worth of
loan applications have been processed. Most business loans are for
farming, small-scale groceries and restaurants, and Internet cafés.
In Singapore, a total of 322 MetroGold OFW scholars have graduated upon
completion of the Financial Education and Basic Entrepreneurship
courses, with an addition of new modules on Personality Development.
Philippine Ambassador to Singapore Minda Cruz graced the graduation last
Dec. 1 as guest of honor. Special awards were also given to outstanding
graduates such as the Outstanding Basic Entrepreneurship Award,
Outstanding Financial Student Award in Savings and Investment
categories, and the Leadership Award.
In the Philippines, some 150 family members were trained in financial
education in Iloilo and Pangasinan as well as in the National Capital
Region.
The Banker's Financial Inclusion Award was received by Metrobank region
head for Europe Walter Lim from The Banker editor Brian Caplen and BBC
journalist Michael Duncan Buerk.
To date, The Banker's Financial Inclusion Award is the third
international award won for Metrobank by the Metrobank Foundation.
Metrobank bagged the Asian Banking Award for Social Responsibility by
the Asian Bankers Association and the Association of Development
Financing Institutions in Asia and the Pacific, and the Best Corporate
Social Responsibility Program by the Asian Banking and Finance Magazine
in 1999 and 2007, respectively.
---
This email is free from viruses and malware because avast! Antivirus protection is active.
http://www.avast.com
