Impact Investment Exchange Asia (IIX), a Singapore-based organisation, has chosen four social enterprises (SEs) in the Philippines to participate in its Impact Accelerator program.
Launched in October 2014, Impact Accelerator is an intensive acceleration program that targets early-stage SEs with high potential for growth and scalability.
The four SEs will benefit from IIX’s acceleration services for over six months to enable them to deepen their impact and become investment ready.
A sustainable livelihood SE, Anthill Fabric Gallery employs indigenous, rural and urban communities to transform traditional Philippines weaves into contemporary wear and accessories.
Hiraya Technology Solutions, meanwhile, is a pioneering water enterprise that developed a Real-Time Adjusting Pump System (R-TAP), an advanced pressure management system to help water service providers adjust water pressure across the network to match local demand while reducing water waste.
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As for Kapwa Greens, it is an agriculture SE that became one of the first local companies to sell herbal tea made from native plants in the Philippines. In producing the tea, Kapwa Greens works with underprivileged women.
Finally, housing and infrastructure SE Sidlakpinoy was chosen for its usage of silt — a freely available raw material found in water bodies — to make bricks for construction using an innovative social franchising model.
Sidlakpinoy which means “shine forth Filipino” in the Visayan language, states that silt is more environmentally friendly and less expensive than the concrete bricks that dominate the market.
“In addition to accelerating the growth and scalability of these four enterprises, Impact Accelerator will play a leading role in building the Impact Investing ecosystem in the Philippines by improving the visibility of local SEs and facilitating investor engagement within the space,” IIX said.
IIX is working with ASSIST (Asia Society for Social Improvement and Sustainable Transformation) as its local Philippines partner.
Since its local launch five months ago, the Impact Accelerator program received 55 applications from enterprises spanning geographically diverse locations and across a broad sector scope, including agriculture, energy, water, livelihoods, education, and healthcare. Each application was assessed on several parameters including: focus on the poor or marginalized, unique value proposition and market potential, social and environmental impact of the venture, and financial viability.
To date, IIX has facilitated $9.2 million of investment impacting more than 8 million people across Asia with $18.8 million in social value created, it said in a statement.