Security Bank Corporation First Vice-President and Wholesale to Retail Division Head, Emy Arceo (5th from left) and Security Bank Corporate Social Responsibility Officer, Frances Sumulong (6th from left) with Inansagan savings group leader Marlon Amorio (3rd from left) and team.
Security Bank lent its expertise to contestants of International Care Ministries (ICM)’s Pitch for Hope Program, where participating savings groups competed for grants of up to PHP 100,000 to be used as working capital to fund projects and grow their investments.
Members of these savings groups fall under the ultra-poverty category, living on less than PHP25 per day. They are formed through the ICM’s poverty alleviation program Transform. The twelve semi-finalists were given a starting fund of PHP15,000 to begin executing their business plans. Pitches included a wide range of business ideas, including crab farming, coconut dehusking, and tablea and native salabat powder production.
Senior executives of the Bank, Lex Cimagala of the Business Banking Segment and Emy Arceo from the Branch Banking Segment, mentored the San Isidro Native Maker, Worker, and Vendor Association (SINAMAWOVA) and the Inansagan Savings Group of Negros Occidental. To further assist the two social entrepreneurs, Security Bank extended financial grants of PHP50,000 to each group.
“It’s good for savings groups to experience this kind of competition because it improves their storytelling skills and it trains them how to tell any potential investors the heart behind why they started the business and why it matters,” shared Jeriby Malatin, ICM’s National Prevail Manager.
The Bohol-based SINAMAWOVA Savings Group bested over 580 other business pitches from Visayas and Mindanao, winning the PHP 100,000.00 grant. Part of the judging criteria at the finals was how they used their initial investment. Judges included Security Bank Sustainability Head Nikki Lizares, ICM CEO David Sutherland, TV Host and Broadcaster Christine Bersola-Babao, among others.
“Being able to impart financial know-how to these organizations who are making great strides in helping the ultra-poor is an experience that cannot be measured. It is an amazing feeling, knowing that with Security Bank’s expertise in financial services, we can help organizations and extend the promise of BetterBanking to the grassroots,” said Cimagala.
Security Bank’s participation in ICM’s Pitch for Hope aligns with the Bank’s three pillars of enriching lives, empowering businesses, and building communities sustainably. Since 2021, Security Bank has partnered with ICM for disaster recovery efforts. Looking into 2023, the two organizations will continue their partnership to implement local emergency assistance while encouraging stakeholder engagement.
To know more about Security Bank’s partnership with ICM and its other sustainability initiatives, visit www.securitybank.com/sustainability.