CEVI Annual Report FY 2011

contents
about CEVI
messages
board of trustees
Annual Report 2011
about CEVI
The Island of Bohol is not just a

famous tourist destination in the
Philippines. It is also the birthing
home of Community Economic
Ventures, Inc. (CEVI), a
microfinance organization, which
integrates values formation
in its provision of financial
and technical assistance to
micro-entrepreneur, engaged
in trading, manufacturing,
agriculture and service-type
businesses.
10 CEVI coverage areas

11 product portfolio
12 social performance
14 endorsing quotes
16 CEVI highlights
28 what our partners say about us
32 stories of change
35 audited financial statements
40 network and partners
Page 2 I www.cevi.org.ph
CEVI was born in 1998. It started as a microenterprise development program to address

the pressing need for livelihood among families
covered by the Area Development Program of
World Vision Development Foundation (WVDF).
As a Christian, non-stock, non-profit, nongovernmental organization (NGO), CEVI provides
a better alternative to access credit, build up
capital, micro-insurance and savings, consultancy
services and trainings to help transform the lives
of thousand of Filipino families.
Vision
People Experiencing Fullness of Life.
It operates with the understanding

that by equipping clients with the
knowledge, and instilling to them
the right values, in addition to
capital, clients would be able to
sustain and, eventually, grow their
businesses.
CEVI is a microfinance subsidiary
of World Vision Development
Foundation (WVDF), a part of
a global network of VisionFund
International (VFI) and a member
of the Microfinance Council of the
Philippines.
Mission
As a sustainable Microfinance Institution, we follow Jesus Christ in promoting
transformation in the lives of poor families and communities through the provision of
appropriate microfinance services with values formation, training and consultancy.
Social Mission
Serve the economically active poor by providing appropriate and
quality microfinance products and services to help their business.
Community Economic Ventures, Inc. (CEVI) I Page 3
messages
Annual Report 2011
Message of the
Executive Director
Message of the President

Over the past 12 months, CEVI has remarkably achieved
organizational effectiveness in terms of providing
appropriate financial services, which go directly toward to
its more than 37,000 clients in the country. With this, we
truly recognize the faithfulness and blessings of God, for
He is with us in every step of our way.
The year 2011 has brought us many opportunities,

when it comes to strengthening our partnership with
the World Vision Development Foundation (WVDF) and
other networks, which provided valuable support and
contributions to our organization.
However, it is also a year where challenges are bigger,
as we take strides to uphold capacity building of our
employees and enhance our existing structure to be able
to extend appropriate microfinance services to our clients
and become more efficient on the way we deliver our
products and services.
As a microfinance subsidiary of World Vision

Development Foundation, CEVI continues to provide
adequate financial support in the creation and expansion
of small businesses, whilst also providing credit plus
education through its Christian nurturing program that
adds value to its clients and stakeholders.
The relationship between CEVI and World Vision is very
outstanding. They work together to deliver an effective
intervention in the aspect of micro enterprise development
to help improve lives and create transformation on people,
community and their children. For three straight years, the
CEVI has consistently achieved the highest rating in terms
of integration with World Vision, which shows the deep
and breadth of its partnership.
The Board is happy to see more of you achieving much recognition. We are delighted to know that the CEVI
is now being recognized globally through the Grameen Foundation for being the very first MFI to become
PPI Certified in the entire VFI Network and the second one to get certified in Asia. May all of you in CEVI will
continue to pursue excellence in our PPI integration.
On behalf of the Board, I am with you in your prayers. Let us contemplate once again what the Lord has
promised to us in Jeremiah 29:11, for He declares, For I know the plans I have for you, plans to prosper you
and not to harm you, plans to give you hope and a future.
To CEVI, there is always a bright future ahead of us. God Bless to all!
This year, we saw how the CEVI achieved a 10% growth

in terms of Loan Portfolio and 9% increase in terms of the
number of families availing of its microfinance services.
The loan portfolio of CEVI has increased to over 205
Million, which benefited a total of 37, 233 families.
The year has also brought opportunities to us in achieving
organizational effectiveness and obtaining recognitions
from the international community.
At present, the CEVI is recognized globally through its
implementation of the Social Performance Management including the adoption of the Progress out of Poverty
Index tool, which allows the CEVI to refocus its target on the poor in designing its products and services. CEVI
also undertook a Christian Witness Program, tree planting and feeding outreach in selected communities, which
strengthens the quality of living of its clients and stakeholders.
Indeed, we are grateful of these achievements and very excited to see the impact that we continue to make in
the lives of the families and children, who are covered by our microfinance services.
I would like to acknowledge the World Vision Development Foundation (WVDF) and Vision Fund International
(VFI) for their contributions to the success of our organization.
To all our partners and stakeholders, thank you for making the works of CEVI to remain relevant and meaningful.
Without your continued support, much of what we do would simply not be possible.
ELNORA B. AVARIENTOS
BOT President
Above all to our sovereign God, who is the true source of the CEVIs accomplishments.
God Bless us all!

JONAR B. DORADO, CPA

CEVI Executive Director
Annual Report 2011
A Letter from VisionFund President and CEO, Scott Brown

This year we have seen our
5,000 staff in 38 countries
help more than 650, 000
rural poor lift themselves
from hardship and suffering,
despite natural disasters
and difficult economic
environments.
We are proud of our
global network of MFIs
(microfinance institutes)
who have worked with
passion and expertise and
are encouraged by donors,
lenders and consultants
offering their generous
support to our MFIs such as
CEVI.
As a member of Vision Funds global

network, CEVI has played an integral part
in providing financial resources to the poor.
Working in 30 branches throughout 13
provinces and cities across the Philippines,
CEVI has increased its total loans by 10%
from Php 187 million in 2010, to PhP 205
million in 2011, now serving over 37,000
clients.
We are proud of these achievements
including the steps CEVI has taken to
provide transparency and advice to
clients. In order to ensure it is targeting the
right level of the poor, it has adopted the
industrys Progress out of Poverty Index
tool. CEVI also offers services on, loans,
capital build-up fund reserves and microinsurance.
Working in partnership with World Vision, VisionFund

is well on its way to impact 3.5 million children every
year, by 2015. In doing so we are creating one of the
worlds leading microfinance networks that leverages
the development and relief work of World Vision to
support those living in poverty. Our MFI staff are
supported by specialists at our Operations centre
who provide systems development, training and
fundraising. Together we achieve repayment rates
of over 97.3% on our gross portfolio of $360 million
which CEVI has contributed to.
We are thankful to all our global partners and
supporters in helping CEVI make a difference to
economically empower local people, who desire
to see themselves, their families and communities
flourish in sustainable environments.
Sincerely,
Scott Brown
President and Chief Executive
VisionFund International
Annual Report 2011
board of trustees
Elnora Avarientos is the National Director of World Vision Development
Foundation in the Philippines. She has 31 years of work experience in
World Vision and once responsible for giving support and guidance to
national directors and leadership teams in countries such as Cambodia,
Indonesia, India, China and Papua New Guinea in enhancing their
capacity to lead, manage and deliver quality ministry, through coaching
and mentoring. She is also the former Director for Diversity Management
at World Vision International.
Danilo Lucero, CPA
Eduardo O. Roberto Jr. is an author, entrepreneur, speaker and

international award-winning seminar producer. He co-writes a weekly
column, MarketingRx, for the Philippine Daily Inquirer together with his
father, marketing guru, Dr. Ned Roberto. He is a co-founder and CEO
of Salt & Light Ventures, Inc. a learning event organizer that have won
both local and international awards for the seminars and conferences
that it produced and marketed.
Elnora B. Avarientos
Mr. Eduardo C. Jimenez is presently working as Microfinance

Consultant of the Bangko Sentral ng Pilipinas. Looking at policy issues
affecting the practice of microfinance in the banking sector, he is also the
Housing Microfinance Consultant of the Asian Development Bank. Mr.
Jimenez has previously worked as consultant of United Nation (UN) and
other UN attached agencies as well as with other bilateral organizations.
Eduardo C. Jimenez
Florelyn Plaza Tiu is currently the Director of the Humanitarian

Emergency Affairs and Executive Associate for Governance of World
Vision Development Foundation (WVDF). Before taking this lead role,
she was also the Frontline Sponsorship Initiatives Manager of World
Vision International, wherein she was able to provide supports in
enhancing the effectiveness and efficiency of field based sponsorship
operations.
Florelyn Plaza Tiu
Danilo Lucero is a Certified Public Accountant and a Senior Pastor

of JESUS Our Hope International Assemblies Inc. (JOHIA) in Marikina
City, Philippines. He is also the President of the CROSS-Country
Farms and Parks, Inc., Chairperson of Saver Club and a former
Deputy Director of World Vision Development Foundation, Inc.
Eduardo O. Roberto Jr.

Rommel Peter Caringal is the VisionFund International Regional
Director, in Asia Pacific Region. He provides leadership in the execution
of Vision Fund strategies involving 11 countries of Asia Pacific region.
He has more than 15 years of extensive experience in microenterprise
/ microfinance sector in the areas of setting up commercial companies,
organizational management, product and services development,
human resource, organizational development, Management Information
System (MlS), capacity building, board development, various program
innovations for greater sustainability.
Rommel Peter D. Caringal
Gregorio Austral is a Certified Public Accountant and a Lawyer from

Tagbilaran Ciy Bohol. Currently, he serves as a college professor and
a Dean of the University of Bohol College of Law. With extensive legal
experience, he became instrumental in producing competent lawyers
and in building strong reputation of the University.
Atty. Gregorio Austral, CPA

coverage areas
CEVI currently operates with
30 branches across the Philippines.
product portfolio
LUZON
Cavite
Roxas
Puerto Princesa
Brookes Point
Product Distribution %
%
6
3
1%
Isabel
Baybay
Hilongos
Dulag
Carmen Cebu
Barili
Moalboal
Balasan
Sara
Bais
Talibon
Trinidad
Ubay
Tubigon
Carmen Bohol
Jagna
Tagbilaran
2%
Loan Product
CEVI offers four loan products, which

are designed to cater the needs of the
economically active poor.
CROP Loan, which targets the microentrepreneurs engaged in agriculture

occupies the biggest portion of the
total loan portfolio of CEVI at 52%.
The YAMAN Loan, which targets the
entrepreneurs engaged in trading and
commerce is second in rank at 36%. The ASENSO Loan, which is intended for the small and medium scale
entrepreneurs is third in rank at 11%, while the BABE Loan, which is offered in Bais, Estancia and Sara Iloilo and is intended only for micro-entrepreneurs engaged in hog raising business is only 1% of the total loan
portfolio of CEVI.
Region
Portfolio Distribution %
16 %
MINDANAO
Trento
Nabunturan
Butuan
Davao
Zamboanga
Isulan
Surallah
General Santos
Tandag
11 %
VISAYAS
Annual Report 2011
37 %
47 %
As a member of the Vision Funds global

Network, the CEVI continues to provide
financial resources to the poor all through
out the country.
CEVIs Loan Portfolio was seen highest
in Mindanao and Visayas Regions at 47%
and 37%, respectively. Luzon Region
has occupied only 16% of the total Loan
Portfolio of CEVI.
Annual Report 2011
social performance
Children Impacted 108,000
Women Outreached 89%
Job Created and Sustained 54,478
On Poverty Outreach
Still on average below

the national poverty line,
clients that are engaged in
Production business have
the highest concentration
of poor clients with 43%,
Commerce or Trading
with 39%, Service type of
Business with 37%, while
only 32% in Agriculture
sector.
Comparison of the Philippines Poverty Incidence with the CEVI Poverty Outreach
On Poverty Level of
New Client
Beside is the overall poverty
level of the 14,155 new
clients of CEVI for the
fiscal year of 2011. Starting
from the first column, 37%
represents the poverty rate
below the national poverty
line, 21% is below $1.25/
day, 55% is below $2.50/day
while the 16% is the USAID
Extreme Poverty Line.
Poverty distribution
by Sector
Comparing the Philippines

Poverty incidence with the
CEVI poverty outreach for
the last 4 quarters, it shows
that the CEVI were able to
reach more than the poverty
incidence of the country.
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Annual Report 2011
endorsing quotes
many ups and downs along its
here were
The journey of CEVI was never perfect. T
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pite those difficult moments, CEVI demonstra
way. But des
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CEVI
CEVI
Marilou M. de la Paz
OIC-Finance Manager
Joel C. Gatus
trator
Network and Server Adminis
Annual Report 2011
highlights
INSTITUTION AND INDUSTRY

BUILDING
VALUES AND INTEGRATION

CEVI has continued to implement its program, which
promote Christian values and full integration with World
Vision Development Foundation.
Achieved a high Integration rating from the World
Vision Development Foundation
Completion of the Christian Witness Initiative Project
and pilot testing of an Islamic Compliant Product.
Conducted a Joint Retreat with the Board of Trustees
and Management of World Vision Development
Foundation (WVDF).
Generated a devotional and prayer guide for CEVI,
which are used for the spiritual nurturing of the CEVI
clients and employees.
Conceptualized a social protection product that will
increase the number of the ADPs covered by the
CEVI Microfinance Program.
Invited the Filipino Pride advocates Dale Dennis
David and Ma. Julie Tanada to speak about the
value and significance of national pride and love of
country to the CEVI Management and Staff during
the CEVI Strategic Realignment Workshop in
Tagbilaran City, Bohol last March 28, 2011.
IMPACT AND INCLUSIVENESS

CEVI continues to provide communities and families
with an appropriate loan product design and delivery.
Institutionalized the client protection program in its
operations by means of establishing an Integrity and
Protection hotline to seek feedback from clients to
ensure that they are given with a fair and respectful
treatment.
Adopted the use of Progress Out of Poverty Index
tool in client selection and provided credit, capital
build-up and micro-insurance services to the poor
especially in the ADP covered communities.
Provided social protection to more than 37,000
families through its micro-insurance program.
CEVI continues to enhance its capacity to serve

its clients and contribute to the development of the
microfinance industry.
SUSTAINABILITY AND SYSTEM

CEVI continues to strengthen its systems and processes
to achieve organizational effectiveness and sustainability.
CEVI operates with 30 branches in 13 provinces and
cities across the Philippines.
Increased Total Assets by 19% from Php 252.8
Million in 2010 to PhP 301.7 Million in 2011.
Increased Total Number of Borrowers by 9 % from
34,097 to 37,233.
Achieved unqualified opinion and acceptable rating
from its latest external and internal audits, which
shows strong internal control and policy compliance
Gold Award Certification from CGAP for Social

Performance Reporting since 2010.
Maintained a Green rating in its operations
based on the global standards of Vision Fund
International.
Achieved a satisfactory rating based on the PESO
standards for microfinance.
Became the first MFI in the VFI network and
second in Asia to receive a PPI certification from
Grameen Foundation for its excellent poverty
measurement.
Served as a Board of the MCPI, and actively
participated in all the conferences and meetings
facilitated by its network.
ORGANIZATIONAL
GOVERNANCE AND STAFF
WELL BEING
CEVI ensures that its employees are equipped and
well cared for.
Provided and improved medical and insurance
premium coverage to all its employees.
Implemented a Leadership and Managerial
Strengthening Program, which increase the
capacity of its Management staff.
Improved staff competency and knowledge about
microfinance by participating to the 2011 COO
training, Regional Audit Conference and Finance
Exposure in Bangkok, Thailand.
Enhanced the Leadership and Governance of the
Board by conducting a client visit during Board
Retreat.
NETWORK AND RESOURCES

CEVI has continued to generate resources, and at the
same time consistently contributed and benefited from
initiatives and programs of the MFI network
Maintained a strong partnership with the
Microfinance Council of the Philippines
(MCPI), PlaNet Finance, BPI Globe, Peoples
Credit and Finance Corporation, KIVA, LBP,
PLANIS, VisionFund International, World Vision
Development Foundation, World Vision ADP
partners and the support offices of World Vision
Canada, Germany, Hongkong and Singapore.
Conducted an orientation about the CEVI and the
use of Progress Out of Poverty Index tool to VFI
representative.
Participated and presented a paper about Social
Performance Management during the WV Asia
Pacific Policy and Programme Conference in
Bangkok, Thailand.
Presented a paper to the volunteers of Bankers
with Vision in Singapore, who provided strong
technical support to VisionFund International and
its affiliated MFIs.
Availed of the consultancy assistance from Oliver
Wyman to review the CEVI organizational strategy
and develop a strategy template for VisionFund
International.
Availed of the opportunities to enhance Micro-Agri
product and institutionalize Social Performance
with the assistance from PlaNet Finance.
Annual Report 2011
Coaching for Performance
CEVI and WVDF Hold

A Joint Retreat
Only on a rare occasion, that the Board of Trustees
(BOT) and the Senior Management Team of the
World Vision Development Foundation (WVDF) and
Community Economic Ventures Inc. (CEVI) will have
an opportunity to meet together.
their courtesy call at the Alcantara Town Hall. After

the dialogue, the Board of Trustees and Management
of WVDF and CEVI made their way to the WVDF ADP
office. They also visited a small community and have
the chance to speak with the CEVI borrowers.
Finally, on July 14-16, 2011, CEVI and WVDF held

a joint retreat for its Board and Senior Management
Team in Moalboal Cebu, Philippines.
There were many interesting opportunities happened

during the retreat. The Board and Senior Management
of WVDF and CEVI were able to reflect on the current
performance of each organization and at the same
time, they were able to share some strategies to foster
a stronger integration and partnership.
The entire team was able to tour to Alcantara, Cebu

and was able to connect with the local officials during
CEVI Management and Supervisors during Coaching for Performance workshop.
The Community Economic Ventures Inc. (CEVI)

conducted a Coaching for Performance Workshop for
its selected supervisors and managers last March 2829, 2011 in Tagbilaran City Bohol.
According to Ms. Alvarez, constant coaching by a

supervisor would help increase the performance level
of the employees and would help them achieve their
full potential.
The Director of People and Culture of World Vision

Development Foundation (WVDF), Ms. Joy Alvarez
was the resource speaker of the workshop.
The workshop was part of the staff development

program of CEVI in order to equip and help its
supervisors and managers to administer their critical
role in the organization.
The Coaching for Performance is comprised with

a series of presentation about the Benefits of an
Integrated HR System, Core Capabilities Framework
and Coaching for Performance System, Leadership
Paradigm and New Practices, and Establishing
Performance Agreements.
The workshop also provided a wide array of

opportunities to the CEVI employees in understanding
their leadership strengths, areas for further
development and the different types of people they
will need to lead in the future.
Board of Trustees and Management of WVDF and CEVI during

the Joint Annual Retreat in Moalboal, Cebu.
Annual Report 2011
CEVI Team Building Activity

This year, the employees of Community Economic
Ventures, Inc. (CEVI) based at the CEVI Headquarters
held its team building activity at the White Beach
Resort in Panglao Island, Bohol.
CEVI Operations Manager, Edwin Crescencio and
Transformation Program Coordinator, Joy May Undag
together with the CEVI Senior Management team
spearheaded the activity last June10, 2011.
The team building was comprised of tough group
challenges, wherein each member of the group has
the chance to become closer to one another and
become more comfortable to work with the other
members of the group while performing various tasks.
The team building was also part of the staff-
development program of CEVI in building confidence

and trust. It was also held to build capability,
relationship and cooperation of its employees.
By teaching the employees with the values of
teamwork, commitments and hard work, CEVI
employees would contribute to a great degree in the
attainment of the CEVIs goals and objectives.
The group has also reflected the Words of God from
1 Corinthians 12:12 Just as a body, though one, has
many parts, but all its many parts form one body, so
it is with Christ. CEVI employees were reminded
that every part of the body is unique, necessary,
has an important role, takes responsibility, and must
continuously engage.
The Community Economic Ventures

Inc. (CEVI) in partnership with the Local
Government Unit (LGU) of Baclayon Bohol,
and the CEVI Credit Cooperative has
conducted a tree planting drive in Brgy. Tanday
Baclayon Bohol, Philippines last September 2,
2010.
CEVI staffer, Hermilyn Mijares shared her experience during the

tree planting activity in Tanday, Baclayon, Bohol.
The planting trip was a big challenge for us

given that we had feared a low volunteer
turnout due to the limited time of preparations
that we had for the activity.
However, we were pleasantly grateful to the
support of the LGU Officials and surprised to
see over 70 volunteers on the jeep, ready for a
beautiful day of planting.
From Tagbilaran City, we arrived at 8:00 in the
morning in Baclayon Bohol and were able to
connect with the local officials. It took us only
one hour to get to and meet the Municipal
Agriculturist, Ms. Rhea Mendoza. We also had
a great time to listen to the orientation from the
Agriculture Office before we finally started our
activity.
Admin Manager
After the orientation, we made our way to

the planting site. We planted a total of 200
Mahogany seedlings in a wide terrain of
Tanday Bohol with the assistance of the
Sangguniang Kabataan and Brgy. Officials.
Everybody has enjoyed the activity and hopeful
that every single tree that we planted would
contribute to clean water and healthy ecology
of the community.
CEVI staff during the Team Building activity.

CEVI Turns Green:

Tree Planting Drive
Annual Report 2011
CEVI Receives Progress-Out of Poverty Index (PPI) Certification
Every man shall give as he is able, according to the blessing of the LORD your God
which He has given you. -Deuteronomy 16:17
There were only four days left before Christmas, when the
Community Economic Ventures Inc. (CEVI) has brought glad
tidings to the children of Purok 8, Poblacion, Panglao Bohol,
Philippines.
A Feeding Activity was conducted on December 21, 2010 at
where the all-time famous fried chicken and spaghetti were fed
to some sixty kids and Christmas gifts were also distributed.
The CEVI Staff and the volunteers from Tagbilaran Christian
Alliance Church entertained the children.
There was a fun game and singing, which the children have
gladly enjoyed. There was also a sharing of story about the birth
PPI Certificate of Completion
Last November 2010, the Grameen Foundation has

conducted a review on the CEVIs process of using
the Progress-Out of Poverty Index (PPI) in targeting
its intended clientele.
The results of the evaluation revealed that the process

used for PPI data collection at CEVI is sound and
should produce accurate results for analysis and
dissemination to stakeholders.
According to the Grameen Foundation, the review

has covered an intent, data collection, training,
processing and reporting. It was also based on the
PPI Certification Standards, which were developed
with input from a variety of stakeholders, from MFIs to
investors, across the microfinance field that represent
the minimum quality standards a PPI user should
have in place to collect and report poverty level
information accurately in a transparent manner.
Grameen Foundation has certified the CEVI with a

Basic and Advanced level of certification last March
31, 2011.
of Jesus Christ, which was narrated by a CEVI employee.

Mr. Jonar B. Dorado, Executive Director of CEVI, together with
the members of the CEVI Senior Management Team headed
the feeding program.
The CEVIs team-up with the Tagbilaran Christian Alliance
Church (TCAC) in arranging a feeding activity for the children
has concluded successfully.
The CEVI Senior Management Team also gratefully
acknowledged all the volunteers for sharing their time and
talents in making the event possible.
CEVI staff held a Christmas feeding activity with the children in Panglao, Bohol.
The steps that the CEVI has undertaken in adopting

the PPI tool help the organization to target on the poor
in designing its product and services.
CEVI is the first MFI within the VFI network and
second in Asia to receive a Basic and Advance PPI
Certification from the Grameen Foundation.
Annual Report 2011
MFI Senior Operations staff during VFI COO meeting.
Chief Operations Officer Meeting

The recently concluded VisionFund Chief Operations
Officer (COO) Meeting has brought together
stakeholders from various microfinance organization
of VFI to discuss about the issues that are recently
confronting the microfinance industry.
The meeting was held in Bangkok, Thailand and
participated by more than 20 Senior Operations staff of
VFI held last June 13-17, 2011.
The meeting comprised with a series of presentation
about Deliquency Management, People Management,
Integration Management and Fraud Management in

the microfinance organization.
Delegates during the World Vision and VisionFund Training of Trainers in Thailand.
CEVI participates in the VisionFund Orientation

Training of Trainers in Thailand
There was also a sharing of best practices of the MFI

regarding the strategies they used in managing their
operations.
The City of Bangkok in Thailand becomes the

meeting place of the VisionFund Orientation
Training of Trainers last March 7-9, 2011 at where
the MFI from VisionFund including the CEVI of the
Philippines obtain an understanding of the VisionFund
International as a Christian organization.
CEVI Operations Manager, Mr. Edwin Crescencio;

Assistant Operations Manager, Glenn Anciano; And
Recruitment Specialist, Yandy Grace Timogtimog
have attended this 5-day COO meeting and were able
to share the works of CEVI and its best practices
The CEVIs delegation has learned through the

modules being introduced during the training, the
VisionFund (VFI) and World Visions (WV) faithbased approach to development. What does it mean
by having an appropriate Christian Witness. What
Christian witness is not, including our rejection of

proselytism and discrimination. And what should be
our relationship with the staff, churches, and people of
other faiths.
Mr. Edwin Crescencio, CEVI Operations Manager and
Ms. Madeline Guibao Sinfuego, Human Resource
Manager attended this three-day orientation training
and aimed to implement the alignment of VisionFund
International (VFI) Christian identity and approach to
all CEVI staff.
VisionFund Staffer Reflects on CEVI and

the Microfinance Community Bank Model
Brad Stave, the manager of marketing at
VisionFund International, the microfinance
subsidiary of World Vision, spent a remarkable
week in November 2010 with his colleagues
at the World Vision and VisionFund affiliated
microfinance institution (MFI), Community
Economic Ventures, Inc (CEVI), in the Philippines.
The delegation from VisionFund was able to tour
CEVIs headquarters, while connecting with senior
leadership and management. After dialoguing
on the current state of microfinance at CEVI, the
group traveled to witness microfinance operations
via the branch office in Cebu.
The group was able to connect with the branch
office management, visit with loan officers,
witness the transforming power of small loans
administered through the World Vision Micro
partnership, and participate in a cluster group
meeting.
Annual Report 2011
CEVI is making a
tremendous difference
in the lives of thousands

of entrepreneurs across

the Philippines; it really

is an exceptional MFI.
The cluster group of borrowers would meet
on a weekly basis during a formal time
that includes bible study, prayer, financial
instruction, and a time to get current and
pay back their weekly loan installment.
At most MFIs, cluster groups, or
community banks, include 20-30
members who cross guarantee each
others loans. This is done because
members dont have existing capital or
collateral to guarantee outstanding loans.
Brad explains, Its a brilliant system.
Consumer banking in the industrialized
world is made possible through attaching
either collateral or a credit score to an
individual. However, the majority of the
worlds population does not have either
adequate collateral or a credit rating to
secure a loan.
Towards the end of the meeting, a young
lady, stood up and introduced herself to
the group. She was known throughout her
community as an upstanding woman, who
had a strong work ethic and the tenacity to
succeed. To increase profits of her familys
fishing business she was requesting to be

added to the cluster group, and receive a
loan from CEVI.
Half way through the young womans
appeal, a micro borrower in the audience
spoke up and declared, I will cosign for
her! This led to an avalanche of group
endorsement, and the woman was
invited to join the small circle of micro
entrepreneurs and secure a loan through
CEVI.
Brad reflected, Now that this young

woman has been accepted into this cluster
group, and will soon receive a small loan
from CEVI, it will only be a matter of time
before she can expand her familys fishing
business and provide a better future for
herself and her family. Through fostering
the development of small businesses,
families are now able to buy enough food,
further their educational aspirations, and
access healthcare services that allow them
to thrive. CEVI is making a tremendous
difference in the lives of thousands of
entrepreneurs across the Philippines; it
really is an exceptional MFI.
Annual Report 2011
what our partners say about us
Lalaine Joyas
Community Economic Ventures, Inc. (CEVI)

strives to live its mission of promoting
transformation in the lives of the less fortunate.
Its endeavours are geared towards giving the
best service and appropriate products to its
clients. The uptake and integration of social
performance management in its day-to-day
operations demonstrates the organizations
earnest desire to fulfill the task it has set out to
do. CEVI gives utmost importance to protecting
the people it has embraced. MCPI supports
CEVI in its efforts for the good of its clients and
the communities it serves.

Juliet Ampong Quijada
BCCAP - Program Team Leader
The Micro Insurance department of Mercantile was established as part of the

companys corporate social responsibility in contributing for alleviating poverty.
It was in 2005 when our valuable partnership with CEVI started. Throughout the years,
this partnership has evolved into a pinnacle level of relationship, understanding, and
cooperation. Working together everyday towards our goal in promoting transformation
in the lives of poor families and communities.
MCPI Executive Director
Kiva chose CEVI because of a broad range of effective loan, credit, insurance, and savings
products offered. These financial products are well tailored to the economically active poor,
and help them to grow small income-generating businesses. Kiva wants to reward CEVIs
product offerings because they increase the likelihood that CEVI will reach entrepreneurial
poor people.

Michael Looft
Kiva - Regional Director, Europe & Asia
The Bohol Concerned Citizens Action for Progress (BCCAP) rejoices to all the
accomplishments that the CEVI has achieved this year. We are always with you in your
undertakings in helping the people to experience fullness of life through your provision
of appropriate microfinance services to the economically active poor. We commend your
transparency in your Operations and for being an excellent partner to
us. May you continue to become a channel of transformation and
blessing to a number of families that you have served.
Our highest level of commendation and appreciation

to the officers and staff of CEVI. Best regards to
everyone and God bless.
JOSE MARIA J. DADIVAS
Manager, Micro Insurance Department
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Annual Report 2011
The Peoples Credit and Finance Corporation (PCFC) takes great pride to have forged a
microfinance business partnership with the Community Economic Ventures, Inc. (CEVI).
We share a common aspiration in harnessing the full potential of the microentrepreneur
sector by providing greater socioeconomic opportunities through microfinance. May your
successes inspire and strengthen the resolve of all players in the microfinance industry to
rededicate their efforts towards building a better and brighter nation.

Edgar V. Generoso
PCFC - President and CEO
BPI Globe would like to thank and salute Community Economic Ventures, Inc. (CEVI) for
its commitment in providing microfinance loans to the unserved and marginalized sectors
in the province of Bohol. Through the years, CEVI has proven that it is one of the most
successful MFIs in the Visayas, expanding its outreach through innovative products and
services. We are confident that CEVI will be able to maintain the trust and confidence of
its members as it continues to empower them by improving their economic conditions.
CEVI is our valued partner and we affirm our full support as it endeavors to ensure
financial stability and uplift the lives of its beloved member and the community.

Jose Raul E. Jereza
BPI Globe - Vice President
Annual Report 2011
stories of change
A Fish of Opportunity
Selling fish really is not an easy job, says Susan Oribiana 39 years
old, married woman from Barangay Barong-Barong, Sitio Tagusao,
Brookes Point, Palawan. She is married to Marcelo Javier and
they were blessed with two children, Arlyne Jane 15, years old
and Stephanie, 14 years old, who are currently in third year and
second year in high school, respectively. Both of her children make
consistently honors in their school, which makes her so proud as a
mother.
A Farmers Journey
She started her fishing business in 1990. She used to sell her fish on
foot during the time that she was just starting her business. But now,
she already owns three motorcycles, which she uses in selling her
fish.
Iluminda Porazo is a 64 year-old entrepreneur from Brookes

Point, Palawan. She is married to Antonio and is blessed with
three children, Hazel, Lemuel, and Jocelyn. The couple has
also adopted a child, Jesabel, whom they considered as their
fourth child.
Susans suppliers are the fishermen in their village. During normal

days, Susan buys 5-10 buckets of fish from the fishermen, which
will cost her around 1,700 Php per bucket. Each bucket weighs 25
kilograms, which she said would allow her to earn an income of 3,400
Php.
Aside from selling fresh fish, she also sells dried fish in her community.
She sold the dried fish for 200 Php per kilo, however if her customers
will buy in great volume, she provides discount and sold her dried fish
for only 180 Php per kilo.
Susan is highly skilled and very cautious when it

comes to producing a dried fish in their village.
According to her, the period of fish drying under
the heat of the sun should be done for four
hours only; otherwise it will become a salted
fish, which is only sold for 100 Php per gallon.
Susan shared to CEVI that dried fish business
is not easy especially during rainy season
because during this period there is always rain
and the surrounding is wet. So, while facing
this problem, her advise to her fellow dried fish
vendor is to just sell fresh fish in the market or
to the nearby villages. Susan also observed that
during summer vacation, there are also fewer
people, who will buy a dried fish. And in order to remain stable in the
market, dried fish vendor should figure out when is the best time to
produce and not to produce dried fish.
Susan is happy that she was helped by Community Economic
Ventures, Inc. to have enough capital to grow her small business.
Every time she takes a loan from CEVI, she makes necessary
improvements in her business.
Today, Susan is on her 8th cycle in CEVI with a loan of 25,000 Php.
The income that she was able to generate from her business was
used in buying appliances for the family, and construction of their
new house. In the future, she also dreams that her children would be
able to finish their studies and become a teacher and businessman
someday.
In 1995, Iluminda started her multiple businesses. She started

rice farming, retail and fishing business. When she became
a member of Community Economic Ventures Inc. (CEVI) she
was not only able to buy more merchandise for her retail store
and improve her rice farming business, but she was also able
to start growing pigs, which give her additional
source of income. Currently, Iluminda is in her 12th
cycle in CEVI and has a loan of 25,000 Php.
Iluminda gets 60 sacks of rice from her rice farm
every harvest period. Half of the harvest is sold to
the market for 700 Php per sack while the other half
goes towards the family consumption.
She also enjoys maintaining her small pig farm,
wherein she has two sows and 1 boar. In every
3 months, her sow will produce a minimum of 7
offsprings and she sold this offspring for 2,000 Php
each.
Ilumindas husband and children are very supportive
to her when it comes to managing the familys
business. Her husband helps her take care of the
rice and pig farm while her children help her in
tending the retail store and fishing business. Every
member of her family works together and has made the work
becomes easy to manage.
Iluminda has seven workers; five of them work in her fishing
business while the other two work in her rice farm. She is very
grateful that somehow she is able to provide employment in
her local community.
Like other businessmen, Iluminda also experienced ups
and downs in her business. She always worries every time
a typhoon will visit to their village because she knows that
it will damage her rice crop and make her fishing business
operations to be paralyzed.
To date, Iluminda is grateful because she was helped by the
Community Economic Ventures, Inc. (CEVI) in purchasing
a hand tractor, motorcycle and rice thresher for her farm.
Through her loan in CEVI, she was also able to buy engine for
her fishing boat and improve more her retail store.
Annual Report 2011
A Different Perspective
Cecilia Aranzado is a simple woman by nature.
She finished a degree in Bachelor of Science in
Accountancy but did not pursue the corporate life
because she wanted to start a business, manage
her own time and at the same time become closer
to her family most of the time.
Cecilia is a resident of Sto. Nio, South Cotabato,
Philippines. She is 54 years old and married to
Arnel Aranzado. They have 2 children namely
Arcie and Arcieli. Arcie, the oldest, finished
a degree in Bachelor of Science in Marine
Transportation, which Cecilia claims would not
be possible without her loan from CEVI. Her
youngest child Arcie is still in first year high
school and hopes to take up Commerce course in
college.
When Cecilia graduated from college, she got a
call from her towns Municipal Office, which offers
to her a position as an Accountant. She accepted
the position but did not stay long. Cecilia met her
husband Arnel and decided to settle down. Arnel
urged Cecilia to quit her job and start a business.
It did not take long for Cecilia to decide since
she also wanted to start a family. In 1996, Cecilia
ventured into a General Merchandise and Dry
Goods business. She started a small store and
rented a stall at the market, where she could sell
home and kitchen supplies.
Because Cecilia is a graduate of Accountancy,
she knows how to manage her finances and
business expenses. Cecilia also trained herself
to become a people person so that she would be
able to handle her customers well.
When Cecilias business has started to flourish,
she also started to rent a bigger space in
the market. Cecilia expanded the variety of
merchandise that she sells. She includes
kitchenwares, bed sheets, stoves, and souvenir
shirts.
To support the growth of her business, Cecilia
also availed of the microfinance services of CEVI.
According to Cecilia, she had to strategize on how
to maintain her business and sustain her sons
education and save up for college.
Cecilia gave up her membership with the other financing organizations.

She said that joining a lot of financing organizations would be a big
problem in the future. Cecilia retained her membership in CEVI and
enjoyed the company of other entrepreneurs who are also members of
the CEVI cluster association. In the cluster association, Cecilia had an
opportunity to gain knowledge about business and reflect the Words of
God during Biblical reflections.
Cecilias cluster association was not free of challenges. It came to a point
that there were no members left other than her and one other member.
In spite of this, Cecilia stayed in the CEVI program and helped recovered
their cluster.
Cecilia already took 10 loans from CEVI in the past. Then she applied for
an ASENSO loan because she needed a bigger capital for her business.
Later on, Cecilia opened a branch in Agusan Del Sur and hired her
brother-in-law to run the business for her since it is quite far from their
home.
To date, Cecilia owns and manages 3 stores at her towns market. She
has 4 regular employees and 2 extra staff that she hires during peak
season. Cecilia also allows her employees to have a sideline and earn an
extra income. She said it would be a big help to them to support their own
families.
Aside from managing a store, Cecilia and her husband also manage a
farm. They grow rice crops and raise livestock.
In Cecilias words, Through CEVI, I learned to manage my business well
and to save daily. I also learned how to share the Gospel of God. Without
CEVI, I would not be able to earn 10,000 Php a day, expand my business
and sustain my childrens education.
audited financial statements

Report of Independent Auditors
We have audited the accompanying financial statements of
Community Economic Ventures, Inc. (a nonstock, nonprofit
organization), which comprise the statements of assets,
liabilities and fund balance as at September 30, 2011 and
2010, and the statements of income and expenses, statements
of changes in fund balance and statements of cash flows
for the years then ended, and notes, comprising a summary
of significant accounting policies and other explanatory
information.
Managements Responsibility for the Financial Statements
Management is responsible for the preparation and fair
presentation of these financial statements in accordance
with Philippine Financial Reporting Standards for Small and
Medium-sized Entities (PFRS for SMEs), and for such internal
control as management determines is necessary to enable the
preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits
in accordance with Philippine Standards on Auditing. Those
standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditors
judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to
fraud or error. In making those risk assessments, the auditors
consider internal control relevant to the entitys preparation and
fair presentation of the financial statements in order to design
audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the
effectiveness of the entitys internal control. An audit also
includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of
the financial statements.
We believe that the audit evidence we have obtained is

sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
ln our opinion, the financial statements present fairly, in
all material respects, the financial position of Community
Economic Ventures, Inc. as at September 30,2011 and 2010,
and its financial performance and its cash flows for the years
then ended in accordance with PFRS for SMEs.
Other Matter
The Bureau of Internal Revenue (BIR) issued on November
25,2010 Revenue Regulations (RR) 15-2010 requiring
companies to provide in the notes to financial statements
information on taxes, duties and license fees paid or accrued
during the taxable year. However, the Organization opted
to present such information in a separate schedule to be
attached to the financial statements for filing with the BlR.
The supplementary information is not a required part of the
basic financial statements under PFRS for SMEs and not a
required disclosure by Securities and Exchange Commission.
Our opinion on the basic financial statements is not affected
by presenting such supplementary information in a separate
schedule.
MANABAT SANAGUSTIN & CO., CPAs
VIRGILIO L. MANGUILIMOTAN
Partner
CPA License No. 0035026
SEC Accreditation No. 0047-AR-2
Issued March 26, 2009; Valid until March 25, 2012
Tax Identification No. 112-071-561
BIR Accreditation No. 08-001987-11-2010
Issued June 30, 2010; Valid until June 29, 2013
PTR No. 3174017MA
Issued January 2, 2012 at Makati City
January 6, 2012
Makati City, Metro Manila
Annual Report 2011
Annual Report 2011
Community Economic Ventures, Inc. (CEVI)

Sarabia-Co-Torralba Building 2, Espuelas Street, Tagbilaran City, 6300, Philippines
Telephone: (038) 412-2356 I 501-0170 I235-5463 Fax: (038) 412-2356
http://www.cevi.org.ph
Annual Report 2011
To God be the glory.
back cover
Network and Partners

World Vision Development Foundation
World Vision ADP Partners
VisionFund International
Microfinance Council of the Philippines
Peoples Credit and Finance Corporation
The Mercantile Insurance Co., Inc.
Grameen Foundation
Media, Inc.
BPI Globe
PLANIS
Kiva

CEVI Annual Report FY 2011

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contents

Annual Report 2011

The Island of Bohol is not just a

10 CEVI coverage areas

CEVI was born in 1998. It started as a microenterprise development program to address

It operates with the understanding

Annual Report 2011

Message of the President

The year 2011 has brought us many opportunities,

As a microfinance subsidiary of World Vision

This year, we saw how the CEVI achieved a 10% growth

JONAR B. DORADO, CPA

Community Economic Ventures, Inc. (CEVI) I Page 5

Annual Report 2011

A Letter from VisionFund President and CEO, Scott Brown

As a member of Vision Funds global

Working in partnership with World Vision, VisionFund

Community Economic Ventures, Inc. (CEVI) I Page 7

Annual Report 2011

Danilo Lucero, CPA

Eduardo O. Roberto Jr. is an author, entrepreneur, speaker and

Mr. Eduardo C. Jimenez is presently working as Microfinance

Florelyn Plaza Tiu is currently the Director of the Humanitarian

Danilo Lucero is a Certified Public Accountant and a Senior Pastor

Eduardo O. Roberto Jr.

Gregorio Austral is a Certified Public Accountant and a Lawyer from

Atty. Gregorio Austral, CPA

Community Economic Ventures, Inc. (CEVI) I Page 9

CEVI offers four loan products, which

CROP Loan, which targets the microentrepreneurs engaged in agriculture

Annual Report 2011

As a member of the Vision Funds global

Community Economic Ventures, Inc. (CEVI) I Page 11

Annual Report 2011

Still on average below

Comparing the Philippines

Community Economic Ventures, Inc. (CEVI) I Page 13

yees, outreach and portfolio in its

Network and Server Adminis

Community Economic Ventures, Inc. (CEVI) I Page 15

Annual Report 2011

INSTITUTION AND INDUSTRY

VALUES AND INTEGRATION

IMPACT AND INCLUSIVENESS

CEVI continues to enhance its capacity to serve

SUSTAINABILITY AND SYSTEM

Gold Award Certification from CGAP for Social

NETWORK AND RESOURCES

Community Economic Ventures, Inc. (CEVI) I Page 17

Annual Report 2011

Coaching for Performance

CEVI and WVDF Hold

their courtesy call at the Alcantara Town Hall. After

Finally, on July 14-16, 2011, CEVI and WVDF held

There were many interesting opportunities happened

The entire team was able to tour to Alcantara, Cebu

CEVI Management and Supervisors during Coaching for Performance workshop.

The Community Economic Ventures Inc. (CEVI)

According to Ms. Alvarez, constant coaching by a

The Director of People and Culture of World Vision

The workshop was part of the staff development

The Coaching for Performance is comprised with

The workshop also provided a wide array of

Board of Trustees and Management of WVDF and CEVI during