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funding gap emerging markets
Philippines

Rags2Riches, Inc

  • NPFC
  • Invest in a Financial Institution
  • + 20 other investors
  • With EUR 9,600 Therese is able produce more eco-friendly rags and bags from scrap materials of the dumpsite.

    €9,600
    Amount
    3.00%
    Interest
    12 months
    Maturity
    6 months
    Repayments
    EUR
    Currency
    Amount€9,600
    Interest3.00%
    Maturity12 months
    Repayments6 months
    CurrencyEUR
      100%
      Fully funded in 18 hours on 19 May 2016.

      Summary

      Payatas in Quezon City is distinguished by its dumpsite, which serves as the largest open dumpsite in the Philippines. Those who belong in the very poor families resides in this place where scavenging is the primary source of income.

      A private corporation together with influential Filipino and international designers made a collaboration to uplift the lives of the people living there. In 2007, “Rags2Riches, Inc.” (R2R)who was founded by its President, Therese Fernandez from Greenhills, Quezon City had thought to use eco-ethical materials like upcycled scrap cloth and fabric, organic materials, and indigenious fabrics coming from the dumpsite of Payatas. People hired to do such products are from Payatas who are trained to be artisans for R2R, and are also given financial and health trainings in order for them to utilize their personal potential.

      R2R serves as an informal cottage industry of rug weavers trained by them. Their product focuses in fashion handbags and home accessories. And as today, they have a total of 200 workers, 81% of which are women and 19% are men.

      To continuously serve the poor families of Payatas, R2R needs working capital to be used in production, purchase of scrap fabrics, and labor. 

      Company nameRags2Riches, Inc
      CEOTherese Fernandez
      Founded2007-01-01
      LocationQuezon City
      SectorManufacturing / Production
      Turnover€196,598.79
      Employees200

      Impact

      There is currently no information available for this section. Check the Summary tab for more details.

      • With this investment 2 jobs are created
      • With this investment 8 lives are improved

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