Social Enterprises in the Philippines get a boost from Australia, UNDP and PhilDev
More than 90 Filipino social entrepreneurs are getting a boost from an Australian Government-funded project that will help them attract investment and expand their businesses.
Social entrepreneurs establish businesses with the aim of tackling social issues or effecting social change. The field is vibrant and growing in the Philippines, led by passionate and determined entrepreneurs.
Ninety social entrepreneurs representing 30 unique businesses from across the country participated in an “Impact Boost Camp” in February – part of the Innovation for Social Impact Partnership (ISIP) project, which is implemented by the United Nations Development Programme (UNDP) in the Philippines and the Philippine Development Foundation (PhilDev), and funded by the Australian Government. These social enterprises (SEs) are expected to potentially feed into the pool of SEs that will be part of the Social Impact Accelerator Batch 3 which will also open in March this year.
ISIP has also played a pivotal role in better understanding the Philippine social entrepreneurship ecosystem. Through ISIP’s consultations with key stakeholders, SEs, funders, and Entrepreneur Supporting Organizations (ESOs), ISIP has identified access to funding as one of the key challenges faced by social enterprises here in the Philippines. The lack of an existing pipeline of investment-ready social enterprises who have the capacity to scale and sustain their business contributes to this investment gap.
“As a longstanding friend and partner, Australia is committed to supporting the Philippine Government’s priority of inclusive economic growth through innovative activities that provide world-class mentorship and access to capital,” said Australia’s Ambassador to the Philippines, Steven J. Robinson AO. “Through this program, Australia is investing in the growth of social enterprise and the economic development of the Philippines.”
The social entrepreneurs are in the early stages of their business development and benefited from the intense training which covered leadership, impact management, business compliance, design thinking and business growth strategies.
“Access to funding is one of the key challenges faced by social enterprises in the Philippines,” said UNDP in the Philippines Resident Representative Titon Mitra. “The Impact Boost Camp provides social entrepreneurs access to training, mentorship, and networking opportunities to make them more “bankable” and attract more investors. We believe that this will help create a sustainable stream of social enterprises in the country that will collectively contribute to the achievement of the Sustainable Development Goals.”
“The Impact Boost Camp has shown us that there are a lot of promising social enterprises in the Philippines. Given the right support and access to funding, we believe that these enterprises can scale, grow their businesses and help eradicate poverty in the country. PhilDev, through its partnership with UNDP and the Australian Embassy will always be at the forefront of providing this support and enabling the success of these SEs” said PhilDev Chairman, Paco Sandejas.
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Website: www.isip-ph.com || Twitter: @isip_ph || On Facebook: www.facebook.com/innovationforsocialimpact
For more information, please contact:
Charlene Balaan, Communications Associate, UNDP Philippines
Marielle Bordado, Communications Officer, Phildev
About Australia in the Philippines
The Philippines is one of Australia’s longest-standing bilateral relationships. Total Australian Official Development Assistance to the Philippines is an estimated AUD79.7 million in 2019-20. Australia’s economic partnership with the Philippines harnesses together all elements of trade, investment and aid initiatives to promote growth.
On Twitter: @AusAmb PH On IG @AusEmbPH On Facebook https://www.facebook.com/AustralianEmbassyManila/
About UNDP
The United Nations Development Programme (UNDP) partners with people at all levels of society to help build nations that can withstand crisis, and drive and sustain the kind of growth that improves quality of life for everyone. On the ground in more than 170 countries and territories, we offer global perspective and local insight to help empower lives and build resilient nations.
In the Philippines, UNDP fosters human development for peace and prosperity. Working with central and local governments as well as civil society, and building on global best practices, UNDP strengthens capacities of women, men and institutions to empower them to achieve the Sustainable Development Goals (SDG) and the objectives of the Philippine Development Plan. Through advocacy and development projects, with a special focus on vulnerable groups, UNDP works to ensure a better life for the Filipino people.
About Phildev
PhilDev is a non-profit organization that aims to eradicate poverty in the Philippines. The organization believes this can be achieved by focusing on education, innovation, and entrepreneurship.
Website: http://www.phildev.org/ Twitter: @phildev_org || On Facebook: https://www.facebook.com/philippinedevelopment/