Sun Life Foundation in partnership with The Spark Project invite all financial literacy initiatives to apply to the Brighter World Builder Challenge!
About the Challenge
In celebration of 10 years of creating a brighter world, Sun Life Foundation has partnered with The Spark Project, the leading crowdfunding platform and community in the Philippines, to search for, fund and accelerate 10 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.
Applications for the Brighter World Builder Challenge are open to cause oriented groups, social enterprises, and nonprofit organizations creating positive change in their communities.
Applicants have a chance of receiving grant funding worth P100,000 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.
Online applications are open from December 1, 2017 to January 31, 2018.
Low rate of Financial Literacy in the Philippines
According to Standard and Poor’s survey last 2015, only 25% of Filipinos are financially literate. This would equate to approximately 75 million people who 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 pushing to increase financial inclusion by boosting access to bank accounts and other financial services, there is a need to also come up with innovative and non-traditional ways to increase financial literacy beforehand to different sectors in the country, as having little to no skills in financial concepts and management can still result to having high debts, mortgage defaults or insolvency.
This is most apparent for people in poverty and the less educated. While different government and non-government organizations have targeted them in expanding financial inclusion, there has always been a certain disconnect with approaches of how to educate and empower them. It is therefore necessary to bridge informational and methodological gaps with creative tools to best cater to the literacy needs of the ordinary Filipino.
Are you creating a brighter world for your community?
The Brighter World Builder Challenge aims to discover and support high potential Financial Literacy initiatives that:
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 BenefitsTop 20 Finalists will:
November 28, 2017 – January 31, 2018 (11:59 PM) – Application Period
January 31, 2018 - Application Screening and Deliberations
February 5, 2018 – Announcements of Top 20 Finalists
February 10, 2018 – Social Impact Bootcamp
February 17, 2018 – Pitch Day and Announcement of to 10 Winners
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.
Sun Life Foundation and The Spark Project are looking for initiatives that aim to increase financial literacy of the community it wisher to serve.
If your answer is ‘yes’ to each of these questions, and are aligned with the terms, you are eligible to apply.
Terms of joining
CriteriaWinning applications will show strength in the following areas: