NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

By Adriel Nisperos

Ten financial literacy innovations were awarded grants and support from PhilDev Foundation and Cebuana Lhuillier Foundation, Inc. (CLFI) to boost financial literacy in underserved communities in the Philippines.

Launched last April, the Financial Literacy Innovation Challenge by PhilDev and Cebuana Lhuillier Foundation challenged innovators across the country to answer the question, “How might we increase the level of financial literacy in underserved communities in the Philippines?”

Over 50 teams responded and went on a three-week journey learning from seasoned innovators and entrepreneurs, financial literacy and inclusion experts, and youth advocates to help them develop their solutions. They were also mentored by industry leaders from the combined network of PhilDev and CLFI to further refine their projects before the pitch competition held last Monday, 17 May 2021.

Exploring financial literacy innovations

Tackling the Challenge statement, the winning student teams stepped back and focused on the basics of financial literacy when they developed their projects. The winning ideas came from Team Project Southland Ugyon, +Ventures, The Salazars, Centavion, and PitaKabataan.

Nixsun Casuncad from Team Project Southland Ugyon shared how the competition provided them an opportunity to create a solution that complements their college’s livelihood program for the residents of Sitio Bakyas in Kabankalan City, Negros Occidental.