Walk into any sari-sari store in the Philippines and eight times out of ten, it is being run by a Filipina. Sometimes you will even see her small children running around while she sells her goods.
In a bid to support women entrepreneurs, Citi Philippines successfully closed and funded a $20 million loan for ASA Philippines Foundation which will enable ASA to provide financial assistance to low-income women for entrepreneurial ventures in the Philippines. The loan aims to support nearly 70,000 women entrepreneurs in the Philippines.
Merlita Estrada received her first loan of Php5,000 in 2005, which enabled her to open a second outlet of her bamboo furniture shop, thereby expanding her sales opportunities. Since then, her business has flourished and allowed her to help the people around her – a three-story home and vehicle for her family, and employment for her friends.
He adds, “They have overcome many challenges and have even managed to grow their business in a tough economic environment. We are happy to support their entrepreneurial efforts through this landmark social facility loan.”The $20 million loan extended to ASA Philippines Foundation is part of Citi’s global commitment to provide $1 trillion towards sustainable finance by 2030. Citi has also committed to investing in opportunities for 15 million households, including 10 million women by 2025.