Money is one of the hardest things to teach. We’re taking not about spending it—that’s easy—but about earning, saving, and growing it.
In fact, according to Standard and Poor’s survey in 2015, only 25% of Filipinos are financially literate. This means approximately 75 million people have no idea of financial concepts such as inflation, risk diversification, insurance, compound interest or let alone the idea of having a savings account.
While the government is increasing its efforts in financial inclusion by boosting access to bank accounts and other financial services, there is still a need to come up with innovative and non‑traditional ways to increase skills in financial concepts and management and in turn avoid letting more people fall into the endless cycle of having high debts, mortgage defaults or insolvency.
And who can think of these novel ways? Sparked up business‑minded millennials, of course!
Sun Life Foundation partnered with The Spark Project, the leading crowdfunding platform and community in the Philippines, to search for, fund and accelerate financial literacy initiatives for 2018. This collaboration will crowd source creative and innovative solutions from social entrepreneurs and change makers, helping them deepen their social impact on the communities they serve.
According to the website, applications for the Brighter World Builder (BWB) Challenge are open to cause‑oriented groups, social enterprises, and non‑profit organizations “creating positive change in their communities.” Online applications are open until January 31, 2018.
At stake are grant funding worth ₱100,000 from Sun Life Foundation, crowdfunding support from The Spark Project, and a chance to develop their initiatives in a Social Impact Bootcamp by The Spark Project.
Initiatives requirements
- Committed and passionate founding team
- Proven concept tested through a pilot or small‑scale enterprise
- Potential to scale and be replicated
- Significant social impact
- Sound and sustainable business model
- Creative and innovative
The BWB Challenge will be selected based on their entries as determined by members of the Brighter World Builder screening committee curated by Sun Life Foundation and The Spark Project.
Awards and benefits
- Participation in a Social Impact Bootcamp to further refine their initiatives
- Opportunity to pitch their initiatives to the Brighter World Builder screening committee
- Access to exclusive networking opportunities
Prizes for top prizes
- Grant of ₱100,000 to be used for the implementation of proposed initiative
- Crowdfunding support from The Spark Project
- Featured in media activities of The Sun Life Foundation and The Spark Project
Key Dates
November 28, 2017‑January 31, 2018 (11:59 PM) – Application period
January 31, 2018 – Application screening and deliberations
March 2, 2018 – Phase 1: Deliberation of top finalists
March 5‑9, 2018 – Announcement of top finalists
March 24, 2018 – Social impact bootcamp for top fnalists
April 5 or 6, 2018 – Phase 2: Pitching of top finalists
April 9‑13, 2018 – Announcement of winners
Eligibility
Applications for the Brighter World Builder Challenge are open to organizations, social enterprises, and nonprofit entities in the Philippines, with at least one team member based in Metro Manila.
Interested parties may apply by clicking here.
