Create a sustainable world with FinTech

Written by: Annelle Tayao-Juego

Responsible for providing ecosystems that keep our world healthy, forests and their invaluable contribution to our continued existence have been celebrated every year on March 21, the International Day of Forests, after it was established by the United Nations General Assembly in 2012 to raise awareness of its importance of preserving all types of forest to achieve environmental sustainability.

Coming out of the pandemic has only served to further emphasize to everyone how important it is to preserve our natural environment – ​​to promote and implement sustainable management and use of resources to combat climate change, and to contribute to prosperity, health and current and the well-being of future generations.

In the FinTech industry, GCash has been a pioneering force in sustainability since 2019, through its GForest feature: a unique feature that “allows users to reforest the Philippines, one tree at a time.”

“At GCash, we always take extra steps to utilize our resources and, together with our customers, realize our sustainability vision. Apart from our ‘Finance for all’ vision, GCash also aims to raise awareness about reducing carbon footprints, to have a positive effect on biodiversity, says GCash President and CEO Martha Sazon.

For every cashless transaction or environmentally friendly activity done via GCash, users can earn green energy points under GForest. These points can then be used to plant virtual trees, which GCash matches with physical tree planting on behalf of users.

As of 2023, GCash has already planted 2.2 million trees, thanks to its users, who, as Sazon points out, are already contributing a lot to the company’s sustainability efforts by maximizing GCash digital financial services. The green energy points are accumulated through transactions such as bank transfers, sending money, paying bills and loading purchases, which has a domino effect: the carbon footprint is greatly reduced since the use of paper is eliminated, and there is no need to commute or use extra electricity to carry out these financial transactions the transactions manually.

“All of GCash’s efforts through GForest are in support of the United Nations Sustainable Development Goals (UN SDGs), as we continue to put sustainability at the forefront of our business in the pursuit of financial inclusion and bettering the lives of millions of Filipinos,” says Sazon.

According to GCash’s sustainability manager CJ Alegre, this effort is being done in a scientific way, with the company operating, in 2019, the China Beijing Environmental Exchange (CBEEX) to calculate the carbon emissions of manual transitions that want to convert to digital transactions. “This is one of our ways to provide a high level of user-friendliness by conforming to best sustainability practices and international evaluation methods,” says Alegre.

As of this year, GForest has grown its user base to 12.5 million, making it one of the largest digital environmental movements in the Philippines. By the end of 2023, GCash aims to increase the number of trees planted to 2.3 million.

To involve more groups in its sustainability efforts, GCash has partnered with like-minded global and local non-governmental organizations (NGOs) that similarly use industry standards in sustainability, and are equipped with the right tools and best practices. Two of these partners are the United States Agency for International Development (USAID) Fish Right and the Culion Foundation, Inc., which together with the company established the GForest Mangrove Rehabilitation Project.

Cullion Foundation

The program aims to plant 125,000 mangrove trees in eight barangays in Culion, Palawan. Mangrove trees provide livelihood to local communities as they attract a large stock of fish and other seafood and act as a natural shield against ecological disasters such as erosion and storm surges, therefore protecting the shoreline and coastal areas of the province.

“With the help of GCash, Filipinos can now be part of the restoration of the mangrove forest, which is a very unique and essential wetland ecosystem in Palawan. We look forward to more partnerships with GCash as we aim to help build an eco-friendly nation,” says USAID Mission Director in the Philippines Ryan Washburn.

With fruit-bearing and native trees critical to building more resilient forests, as well as food security and the production of valuable commodities, GCash partnered with the Ramon Aboitiz Foundation Inc. (RAFI) and has planted a mix of 600,000 native fruit-bearing trees and timber, covering 730 hectares of forest in Carmen, Cebu, in the past two years benefiting 200 landowners and farmers, engaging 189 indirect beneficiaries.

“We can build a greener Philippines and support the future of our partner farmers and their families. Together we are taking steps to enable robust, prosperous and vibrant societies, says RAFI’s President and CEO Amaya Cristina Aboitiz-Fansler.

La Mesa watershed

GCash’s partnership with Bantay Kalikasan of the ABS-CBN Foundation has seen around 88,000 seedlings planted in the La Mesa Watershed as part of the “Save the La Mesa Watershed Project,” and the foundation’s 22 years of long-term reforestation and protection of the watershed, which is the primary the source of drinking water for Metro Manila’s population of over 12 million. The seedlings include Lago and Lipote trees, which are known to help treat heart disease, and are suitable materials for making furniture, cabinets, plywood and containers that preserve jellies, wine, pickles and beverages.

“Using GCash and GForest, it’s now easier and more convenient to make a positive and impactful difference,” said ABS-CBN Foundation Executive Director Roberta Lopez Feliciano.

WWF-Ipo Dam in Bulacan

As the second largest coconut producer in the world, the Philippines is also putting a strong focus on modernizing and optimizing the coconut industry. To this end, GCash, together with Century Pacific Food Inc. (CNPF), has launched HOPE Coconut Trees at GForest with the goal of planting one million coconut trees in the provinces of South Cotabato and Sarangani, Mindanao, within two years. To date, they have distributed over 100,000 seedlings to over 10,000 smallholders in the region. Apart from better agricultural productivity and profitability, local people also get the benefit of improved health as coconut is rich in fiber, protein, carbohydrates, vitamins and minerals that are essential for many functions of the body.

Hope Foundation

Through this initiative, HOPE Chairman and President Nanette Medved-Po says more Filipinos will be encouraged to conserve the environment while helping to support the coconut farming community.

“The program enables us to provide better livelihood opportunities to the coconut farming community in Mindanao while improving coconut farming productivity and supply quality, all of which are beneficial to the country’s growing coconut industry. We are proud and grateful to have GCash as our partners and for giving us an opportunity to help create a more sustainable economy and harness cashless technology, adds CNPF Coconut Division Vice President and General Manager Noel Tempongko.

It therefore comes as no surprise that GForest has received several local and international awards such as Miss Earth Eco Awards, Asian Technology Excellence awards, ACES awards and the WWF Corporate Partner Award.

“Together with our partners, we continue to prove that it is possible to leverage fintech with creative sustainability,” says Sazon. “All Filipinos can become ‘green heroes’ through GCash, as we continue to serve as a socially responsible sector that can create a better future for all.”

For more information, see www.gcash.com

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