L-R Front Row: AAIIBP Legal Counsel Head & OIC Operations Head Atty. Imelda Tarhata F. Macarambon, AAIIBP Chairman & CEO Alex P. Bangcola, UCPB CIIF Foundation & UCPB CIIF Finance Corporation President Edgardo C. Amistad, UCPB-CIIF Finance VP-Operations Ma. Theresa B. Tumbali.
L-R Back Row: AAIIBP Investment Head Arleth A. Mendoza, UCPB CIIF Foundation Executive Director Ricardo Y. Lepatan.
The Al Amanah Islamic Investment Bank of the Philippines (AAIIBP) signed recently a memorandum of understanding with the UCPB-CIIF Foundation to send to college and to post-graduate schoolchildren of indigent coconut farmers from six impoverished provinces in Mindanao.
Under the memorandum of understanding, AAIIBP will tap foreign funding sources to set up an endowment for the four- or five-year college education of 300 new scholars every year over the next five years under the UCPB-CIIF Foundation Scholarship Program.
A total of 1,500 indigent youths stands to benefit from the AAIIBP initiative.
The scholars will be recruited from Basilan, Lanao del Sur, North Cotabato, Maguindanao, Sulu and Tawi-Tawi, which are among the poorest in the country.
Those who complete their undergraduate courses with Latin honors will be given another scholarship to pursue post-graduate studies.
“Our goal is create a pool of talented, well-educated and highly motivated young men and women who can become their respective province’s future leaders in government service, the academe and civil society and help and inspire their provincemates to achieve socio-economic development", AAIIBP Chairman and CEO Alex P. Bangcola said.
The UCPB-CIIF Scholarship Program has, since its launch in 2003, produced 2,053 graduates including 1,080 who earned college degrees of whom 15 percent completed their courses with honors.
More than 80% of the UCPB-CIIF scholar-graduates are earning incomes with nine in every ten of them regularly sending financial assistance to their families for the household expenses, the education of their siblings and income-augmenting livelihood activities of their parents.