Standard Chartered Bank Philippines Supports Women-led Microentrepreneurs
In an effort to promote corporate social responsibility (CSR) and support women-led microentrepreneurs, Standard Chartered Bank Philippines (Stanchart) has launched a funding project in partnership with Tulay sa Pag-Unlad Inc. (TSPI), one of the country’s largest microfinance institutions. The project aims to provide access to business funding, capacity-building, and skills training for over 400 microentrepreneurs.
Since its launch last year, the project has already assisted more than 400 microentrepreneurs run by women, with a total donation of $300,000 or P17.1 million to TSPI. This funding has allowed the microentrepreneurs to receive up to P200,000 depending on their financing needs.
Mai Gacilo Sangalang, Stanchart’s Head of Corporate Affairs, Brand and Marketing, mentioned that the funds donated to TSPI are designed to be a revolving fund, enabling continued support for more women-led microentrepreneurs through re-availments and new clients.
Stanchart’s collaboration with TSPI is part of the bank’s post-pandemic initiative to support markets and local economies. The ongoing project is just one example of Stanchart’s long history of support for women microentrepreneurs.
In 2021, the bank also partnered with Alalay sa Kaunlaran Inc. (ASKI) to support women microentrepreneurs in adopting renewable energy through solar electrification. Additionally, Stanchart launched a project with TSPI to help women microentrepreneurs adopt digitalization in their transactions.
Looking ahead, Stanchart has plans for more women-centric projects to promote economic inclusion and provide young women-led microentrepreneurs with access to financing and support. The bank’s global initiative, Futuremakers by Standard Chartered, aims to promote economic inclusion by supporting disadvantaged youth through education, employability, and entrepreneurship.
Stanchart employees have also conducted learning sessions on product marketing and entrepreneurship to help beneficiaries build brand awareness, reach new markets, and increase sales. The bank believes that supporting micro, small, and medium enterprises (MSMEs) is crucial for promoting economic inclusion, as these businesses are the backbone of the Philippine economy.
Mai Gacilo Sangalang expressed gratitude for the opportunity to witness how the project has helped female-led MSMEs and meet inspiring young women entrepreneurs who have turned adversity into opportunity during the pandemic. Stanchart remains committed to supporting microentrepreneurs and promoting inclusivity in its markets through Futuremakers by Standard Chartered.
