FOR many, the task of stopping ocean plastic pollution and alleviating poverty could be daunting.
But not to Canada-based Plastic Bank which has transformed materials resource recovery into a dignified livelihood, particularly in vulnerable coastal areas where poverty is prevalent.
Speaking to reporters on the sidelines of his visit to the Philippines last week, Plastic Bank founder and chairman David Katz said the company has invested $10 million since 2016 for its social recycling movement in the country where it now has 7,950 collection members and 216 collection branches in Metro Manila, Cavite, Laguna, Pampanga, Zambales and Naga.
Katz said in the Philippines alone, Plastic Bank has collected over 20 million kilograms of plastic and gathered the equivalent of a billion plastic since it was established in the country in 2016.
Working with an entire value chain – from accredited junk shops, collectors and local and multinational companies – Plastic Bank collects ocean-bound plastics which are processed into feedstock for reuse in products and packaging.
Local collectors bring the materials to accredited junk shops in exchange for hard currency, in cash or as e-wallet credits or bank savings.
Plastic Bank, as the name implies, is where plastic is exchanged as currency, and value is withdrawn.
Every transaction is secured through an energy-efficient hybrid blockchain-secured platform that enables traceable collection, secure income, and real-time impact reporting.
Katz said the Philippines contributes about 30 percent to total business sales of Plastic Bank which operates in six other countries. Annual revenues are seen doubling to $100 million in 2024 across these seven countries.
According to Katz, Plastic Bank aims to build more facilities in the Philippines and will continue to work with local and multinational companies to grow further.
Recently, Plastic Bank secured financing from Ethos Asset Management Inc., a leading investment firm committed to sustainable and impactful investments, after seeing its unique model not only protects the ocean and the environment, but also provides socio-economic opportunities for community members to pave a path out of poverty. – Irma Isip
