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PIA Press Release

Another chance for entrepreneurs to join Philippine BiD Challenge 2008

by Prix D Banzon

Davao City (13 August) -- The Philippine Business for Social Progress (PBSP) is giving entrepreneurs who want to join the Philippine BiD Challenge 2008 another chance to file their entries for the business plan competition.

BiD Challenge Country Manager Rene Fortuno of PBSP announced that they have set August 15, 2008 as the second and final deadline for the submission of entries.

He said the new deadline will allow entrepreneurs who failed to beat the June 30 cut-off to submit their entries on Friday (August 15). Entrepreneurs who were able to submit their entries but still lack some requirements are also advised to complete these now, he said.

Fifty of the most innovative entries will be chosen and developed into full blown business plans with the help of professional coaches and will be linked with donor agencies, banks and equity investors.

Aside from these, the 10 best of these qualifiers will be given seed capital while the best two of the ten will be sent to the Netherlands to represent the country in the international competition and get a chance to win 20,000 Euros, establish new markets and link up with new investors.

Fortuno said the 2008 Philippine Bid Challenge will culminate in an investment matching forum called "the market place" where the winners will likewise be announced.

The competition is mounted by PBSP in collaboration with the Dutch National Committee for International Cooperation and Sustainable Development through the BiD Network Foundation.

The Philippine partners are composed of Major Partners namely Citi and Citi Foundation, Investment Partners: Iron Capital, Philippine Chamber of Commerce, Asiatrust Bank and the Prize Partners: Shell Group of Companies, Nestle Philippines, Foundation for a Sustainable Society, Inc. and the Peace and Equity Foundation, Supporting Partners are DTI-Bureau of Small and Medium Enterprise Development, SGV & Co, Philippine Daily Inquirer, Cebu Daily News, SunStar Davao & Netopia. (PIA) [top]

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