THE Citibank N.A. Philippine Branch announced it has extended a $20-million loan , to ASA Philippines Foundation Inc. to help support women entrepreneurs.
“It is inspiring to meet these hardworking Filipino women who have shared their personal stories of triumph over adversity. Amid their many hardships, they have a ready smile and have welcomed us all with warm hospitality,” Citi PHL Corporate Bank Head Fernando Fleury said. All of ASA’s clients are women micro-entrepreneurs and majority or 71 percent are married and are between 31 years to 50 years of age.
In 2019, the Department of Trade and Industry recorded a total of 630,688 business name registrations of which 55.8 percent or 352,181 were women-owned, according to Citi PHL. When the pandemic hit in 2020, the lender said the majority of these businesses were adversely affected and needed help.