Global social fintech firm, Plastic Bank is optimistic to further expand its footprint in the Philippines for its bottle deposit program aimed to help alleviate poverty and plastic pollution.
Rene Guarin, Plastic Bank regional vice president for Asia Pacific, told reporters in a briefing in Pasay City yesterday that at present, the company has 206 active branches in the Philippines particularly in Metro Manila, Northern Luzon, South Luzon and Palawan.
Guarin said the company is currently exploring to also set up branches in Cebu and Mindanao.
Plastic Bank has been partnering with over 200 global companies mainly for a program involving the exchange of waste plastic materials in exchange of money and social benefits such as grocery vouchers, health insurance and work insurance.
The collected plastic is then reprocessed and reused in various industries, reducing the need for virgin plastic and minimizing environmental harm.
Guarin said Plastic Bank also has an existing partnership with the city government of Naga, Camarines Sur and the Community Environment and Natural Resources Office of Cavite which he said boosted the participation of the community.
David Katz, Plastic Bank founder and chief executive officer, also said they are keen on partnering with more companies to further increase the collection of plastic waste in the country.
“With our blockchain platform and the newly launched Impact Subscription model, we empower businesses to integrate sustainability and social impact seamlessly. It’s time to redefine success and embark on a journey where business isn’t just about making money but making a meaningful difference,” Katz said.
Since 2013, Plastic Bank has empowered over 49,000 collection members worldwide to gather plastic and exchange it for benefits.
To date, Plastic Bank has collected over 124 million kilograms of plastic, over 21 percent of which is collected in the Philippines alone, significantly reducing plastic pollution.
The company is banking on expanding in the Philippines citing that the country is currently the world’s leading ocean plastic polluter with an average of 3.30 kilograms per person per year.
Plastic Bank is headquartered in Canada with operations in the Philippines, Indonesia, Brazil, Egypt, Thailand and Cameroon.
