Mindanaoan microentrepreneurs pull through by planning for the future, adapting to market needs
MANILA, Philippines — The pandemic continues to be a challenge to microentrepreneurs no matter where they are in the country. For Mindanaoan business owners Luz Bangos and Rosalyn Espenorio, being in the midst of these extraordinary times is a call for them to be forward-thinking and innovative.
The Citi Microentrepreneurship Awards (CMA), which has recognized hundreds of entrepreneurs since 2002, named Bangos and Espenorio CMA Regional Awardees for Mindanao, in acknowledgment of their efforts to sustain their businesses despite the challenges of the pandemic.
The CMA program is a signature initiative of the Citi Foundation and highlights the efforts of partners like the Bangko Sentral ng Pilipinas (BSP), Citi Philippines, and the Microfinance Council of the Philippines, Inc. (MCPI) to strengthen microfinance and enterprise development, and financial inclusion in the country.
Luz Bangos: Plan for the future despite today’s challenges
Bangos of Iligan City, Lanao del Norte first started with a small sari-sari store in the early 2000s. Since 2002, she has been a member of Serviamus Foundation Inc., which has played a vital role in her business journey. Her initial loan of P5,000 has indeed gone a long way.
The idea of putting up a construction supplies and hardware store came to Bangos, since her husband was a former employee at different hardware stores. With the right connections, her husband’s separation pay and an additional loan from Serviamus, Bangos was able to establish CCLM Hardware in 2019—the year right before the COVID-19 pandemic hit.
Her sari-sari store and hardware store both thrived even as the pandemic happened. Due to the closure of competing businesses around them, Bangos was able to ramp up store sales. In addition to obtaining a delivery truck, they were also able to build their own house and buy a number of real estate properties.
But Bangos knows that just because business is good today doesn’t mean it always will be. There’s always a need to plan for the future.
“We plan to put up another hardware store branch. We are also thinking of buying another vehicle, not for our personal use but for a potential rent-a-car business,” says Bangos.
Bangos said she puts her complete trust in God to make it happen. She adds, “We also need diligence and perseverance. Always think positive.”
Rosalyn Espenorio: Know what the market needs
Espenorio of Antipas, North Cotabato has always been in the food business. She first went into the processing of sweet delicacies made from farm-grown bananas, coconut and sweet potatoes. These were sold in stores, school canteens and bus terminals.
Center for Agriculture and Rural Development (CARD) Inc., where Espenorio has been a member for more than 10 years, was instrumental in starting her business venture with an initial loan of P3,000.
“The loan we were given helped our business in terms of added capital and the purchase of equipment,” Espenorio relates. Eventually, Espenorio went into manufacturing fish crackers which yielded a better profit.
With travel restrictions and the closure of bus terminals during the start of the pandemic, Espenorio’s businesses suffered losses. She was also forced to close down her restaurant and bakery. But since food remained a necessity despite the lockdown, Espenorio thought of tweaking her business.
She put up a fish and vegetable stand outside her home to serve the needs of her community. Her day starts at four in the morning and store activities keep her busy until five in the afternoon.
Even if the pandemic substantially decreased her income, Espenorio still found an opportunity to help others. She provided employment and hired working students so they could be productive and finance their studies at the same time.
Frontliners and barangay workers were given bread and coffee. Espenorio’s employees were not forgotten: They were also given relief goods to tide them over the lockdown.
“The pandemic gives us more reason to continue our business because this is what helps our family and other people. If we decide to go into business, it should not be just for our benefit but also for the good of the community,” shares Espenorio.
Rewarding outstanding microentrepreneurs
In the CMA’s 18th year, two other microentrepreneurs were named CMA Regional Awardees: Renalyn Brondial and Medelina Cansancio for Luzon and Visayas, respectively. Together with Bangos and Espenorio, each of them received P100,000 as prize money.
CMA also recognized COVID-19 Response Champions Florence Ao-wat, Josephine De Lara, Ivy Millare and Dominador Vergara; Youth Microentrepreneur of the Year Joymar Olarte; and CMA National Winner Luzviminda Sunit.
The winners were chosen by the National Selection Committee led by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno and Citi Philippines Chief Executive Officer Aftab Ahmed. Other members include Tourism Secretary Bernadette Romulo-Puyat, Trade and Industry Secretary Ramon Lopez, Ayala Corporation President and CEO Fernando Zobel de Ayala, Go Negosyo Founder and RFM Corporation President and CEO Jose Ma. Concepcion III, Samahan ng mga Pilipina para sa Reporma at Kaunlaran (SPARK!) President Imelda Nicolas, JG Summit Holdings president Lance Gokongwei, ANC News Anchor and Writer Salve Duplito, GMA7 Network CEO and Chairman Felipe Gozon, Inquirer Group of Companies CEO Sandy Prieto-Romualdez, UP Diliman Chancellor Dr. Fidel Nemenzo, and SM Investments Corporation Vice Chairperson Teresita Sy-Coson.
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