PhilDev Foundation and Cebuana Lhuillier Foundation Inc. (CLFI) have launched the Financial Literacy Innovation Challenge, a three-week competition that aims to discover and support novel efforts that can boost financial literacy in underserved communities in the Philippines.
Interested participants can submit their innovations through the Financial Literacy Innovation Challenge website until April 16, 2021.
“In the Philippines, the need for financial literacy is great considering the low levels of literacy in the large section of the population which still remains out of the formal financial set up, particularly in the rural areas. For Cebuana Lhuillier, we aim to further empower communities through financial wellness especially with the unexpected emergence of COVID-19,” said Jonathan Batangan, executive director of Cebuana Lhuillier Foundation Inc.
Students who have ideas to increase financial literacy in communities and want to improve their entrepreneurial skills may enter the challenge through the Students Track. Professional teams who have existing financial literacy solutions and are looking to reach more communities with their innovation can enter the Professionals Track.
“We launched the PhilDev Labs Innovation Challenge because we believe that innovation and entrepreneurship are crucial pillars in eradicating poverty and promoting nation-building. We are continuously collaborating with organizations like Cebuana Lhuillier Foundation because we believe that with synergy, we can do more to enable success. We are proud to have aligned vision with the Cebuana Lhuillier Foundation in uplifting financial literacy in the country to empower Filipinos,” said Dr. Eric Tomacruz, executive vice-chairman of PhilDev Foundation.
The contest will officially kick off on April 19 and end on May 10, 2021. Over the following weeks, participating teams will undergo a series of learning sessions, workshops, and mentorship that are tailor-fit to help them refine their ideas and solutions. Culminating the challenge journey is a live pitching event where finalists will present their innovative solutions.
Winning student teams will receive P20,000 while winning professional teams will receive P100,000 for their project implementation. Each team will also receive an opportunity to get further support from PhilDev and CLFI such as mentoring, access to networks, and capacity building to help them implement their innovations in their target communities.
