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PIA Press Release

RP has one finalist for Enterprise Challenge Fund

by Prix D Banzon

Davao City (16 July) -- Only one bidder from each country that included the bidder from Northern Mindanao in the Philippines are entered into the final rounds of screening of an anonymous team for fund grants from the Enterprise Challenge Fund (ECF) for the Pacific and South East Asia.

Jason Magnaye, ECF country manager in an interview said of the 37 Concept Notes submitted by bidders from the Philippines, 20 went up to the next level of screening and only one made it to the final assessment.

He said the other countries had one each out of the 104 business proposals from Papua New Guinea, 60 from Fiji, and 30 Indonesia.

Magnaye said they've noticed that some of the proposals were poorly written even as he said that they have no idea what parameters the teams are considering for a business proposal to earn the approval.

He however said that they will be meeting for assessment and discuss the learning curbs during the first round and also try to know what the panel is looking for and what are they interested.

He said the ECF provides businesses with grants of up tp AUD$1.5 million to commercialize sound business ideas that also have positive impact on poverty reduction.

He said providing up to half of the project's costs, the ECF helps profitable business projects overcome external obstacles and share some of the risk.

While the first sets of proposals are into the final rounds, Magnaye said 21 proposals are from the Philippines.

The Philippine bidders will compete with those from other eight countries namely Cambodia, East Timor, Lao PDR, Fiji, Papua New Guinea, Solomon Islands, Vanuatu and Indonesia.

He said bidders from the Philippines are from Mindanao but they will expand this time to potential proponents from the Visayas.

He said they expect the result of the first round to come out on or before the end of August, 2008. (PIA) [top]

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