BDO grants P1-M capital for market vendors

BDO Foundation (BDOF) will be granting P1-million as additional business capital for 200 market-vendor trainees of Uswag Negosyo Academy (UNA).

This, after the signing of Memorandum of Agreement (MOA) between BDOF and Iloilo City Government for the Financial Education for Iloilo City Market Vendors program.

The MOA was signed on Aug. 24 by BDOF President Mario A. Derequito, BDOF Program Director Rose Espinosa, Iloilo City Mayor Jerry P. Treñas, and City Local Economic Development and Investment Promotions Office (LEDIPO) Head Velma Jane Lao.

The financial literacy is one aspect of the program being made available to market-vendor trainees of UNA.

“The construction of new markets is only one facet of our program; what is really important is to improve the business capabilities of all market vendors through our collaboration with BDO Foundation. Through UNA, we have produced capable vendors, and that their lives have changed and they can help their families as well,” Treñas said.

Derequito shared Iloilo City is their first local government partner in promoting financial education to different sectors of the community.

“Somehow, we succeeded in convincing several agencies to come up with policies to implement financial education in their areas and constituencies. But we believe we’ll be able to reach more sectors on the ground if we work with the local government unit (LGU), which is why we chose Iloilo City as our partner, and with that, we start with the market vendors,” he stressed.

Lao mentioned that the P1-million grant, at P5,000 each, is an incentive for the market vendors after they have completed their trainings facilitated by the LEDIPO.

“Our mayor is keen on seeking investments as well as developing the capacity of Ilonggos. With the development of markets, BDO has seen this as an opportunity to implement their program through the market vendors, and we are responsive to them as well as we want to make things happen for the Ilonggos,” Lao said.

“Aside from the additional capital, we also want that after their trainings, their skills in handling businesses will improve, and they will become knowledgeable on wise spending and proper investment. We will see to it that they have gained something from this,” she added.

BDO Foundation has been partnering with the Iloilo City Government by providing resource persons for the financial literacy training of market vendors.

Apart from the vendor beneficiaries, they also aim to branch out their program to include overseas Filipino workers, fishermen, farmers, military personnel, teachers, and students, among others. (Angelo Miranda/Iloilo City PIO)