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Cebuano dried fish vendor is Citi Microentrepreneur of the Year National Awardee

Luzviminda Sunit with FairBank
PROUD FAIRBANK CLIENT: Citi Microentrepreneur of the Year National Awardee Luzviminda Sunit, a dried fish vendor from Medellin, Cebu has managed to grow her business with the help of FairBank, an affiliate of City Savings Bank - the Philippines finest mass market bank today.

Success comes to those who work hard and never give up, so the saying goes, and fish vendor Luzviminda Sunit of Medellin, Cebu is one shining example.

Sunit, fondly called “Nanay Luz”, was recently named Citi Microentrepreneur of the Year National Awardee, a far cry from her early days as a fish vendor with an initial capital of P4,000. Launched in 2002, the Citi Microentrepreneurship Awards (CMA) is a nationwide search for outstanding microentrepreneurs in the country, organized by the Bangko Sentral ng Pilipinas (BSP), Citi Philippines, and the Microfinance Council of the Philippines, Inc.

“I would take the basin full of fish and peddle it around town to make a sale,” Nanay Luz recalled her humble beginnings in 1975, adding that she eventually ventured into making dried fish, commonly known as “buwad” in Cebuano.

Her determination, optimism, and confidence were Sunit’s strongest weapons, but she also received some major push from First Agro-Industrial Rural Bank (FairBank) in Bogo City, Cebu where she was able to get a loan to help expand her business. FairBank, whose primary focus is to address the needs of rural communities by offering banking services for micro, small and medium enterprises, is an affiliate of CitySavings Bank – the Philippines’ finest mass market bank today.

Since then, Nanay Luz’s business has soared to greater heights – with her product now available in the local public markets of Medellin and Bogo, as well as in Leyte. She now has over 20 workers, including some who lost their regular jobs during the pandemic.

The success of Sunit’s business also paved the way for the realization of her dreams, including owning properties and the completion of her children’s education.

Resilience is another trait that has been synonymous with Nanay Luz that, even when the current public health crisis struck, she was unperturbed and instead became more innovative in her business approach.

“We had to shift to delivering directly to our customers to make better sales,” she said.

Her journey has become an inspiration to others that Sunit, along with nine other Filipino microentrepreneurs, was honored at the 18th Citi Microentrepreneurship Awards virtual ceremony last June 15, 2021.

A pride of the Visayas, Sunit received the distinction from BSP governor Benjamin Diokno and Citi Philippines chief executive officer Aftab Ahmed.

Diokno cited the awardees as purveyors of hope and perseverance in these challenging times.

Microfinance Council of the Philippines Inc
ITI MICROENTREPRENEUR OF THE YEAR: National Awardee Luzviminda Sunit (middle), a dried fish microentrepreneur from Medellin, Cebu receives the distinction from Bangko Sentral ng Pilipinas governor Benjamin Diokno (left) and Citi Philippines chief executive officer Aftab Ahmed at the 18th Citi Microentrepreneurship Awards (CMA) virtual ceremony last June 15, 2021. (Photo from the Microfinance Council of the Philippines, Inc. Facebook page)

“We take this occasion to recognize our microentrepreneurs who, despite the odds, have shown great resourcefulness, courage, and resilience to flourish amid the COVID-19 pandemic,” Diokno said.

Sunit advised aspiring entrepreneurs to pursue their dream and there are individuals like her and institutions like FairBank who will lend a helping hand.

“Ang ganahan mag-negosyo atong tabangan ug tagaan nato og puhunan (We will help those who want to start their own business and provide them with capital),” Nanay Luz said.

Despite her success, she never fails to look back to where she started, and express her gratitude to FairBank, the institution that guided and supported her for the past 17 years.

FairBank, for its part, said Sunit is a testament to the achievement of its corporate pursuit of better lives and brighter future.

“It is a distinct privilege for FairBank to have been a part of the success of CMA National Awardee Luzviminda Sunit in growing her microenterprise over the years. She was able to nurture a dried fish backyard venture into a prosperous trans-island operation,” said FairBank president and CEO William Amado Castaño.


About First Agro-Industrial Rural Bank:

An affiliate of City Savings Bank, Inc. (CitySavings), First Agro-Industrial Rural Bank, Inc. (FairBank) based in Bogo City, Cebu serves the needs of the communities by offering banking services and loan products for micro, small and medium enterprises to name a few. It now has 14 branches in Regions 6 and 7.

About City Savings Bank:

City Savings Bank, Inc. (CitySavings) is the thrift bank subsidiary of Union Bank of the Philippines (UnionBank) and a member of the Aboitiz Group. It is one of the largest thrift banks in the country and provides a range of mass market financial products and services such as salary loans to public and private school teachers, pension loans to GSIS and SSS pensioners, OFW loans, seafarer loans, motorcycle loans, and traditional deposit products. The bank now has more than 140 branches nationwide.