The fintech leader was recognized for its climate tech initiative that supports reforestation and agroforestry and for championing women in tech and workplace inclusivity.
GCash, the Philippines' leading finance super app and largest cashless ecosystem was honored with the Climate Advocacy and Education Award - Philippines and Gender Equality and Women Empowerment Award - Philippines accolades at the ESGBusiness Awards 2024 for its exceptional climate action initiative and dedication to a diverse and inclusive work environment.
Transformative environmental tech initiative
The Philippines, renowned for its rich biodiversity, faces significant environmental challenges due to the adverse effects of climate change. These include severe weather events such as extreme heat and strong supertyphoons, which impact communities.
In response to these pressing issues, GCash launched GForest in 2019, a pioneering initiative designed to encourage users to contribute to reforestation efforts and mitigate climate change impacts. It has since grown into a digital eco-movement that also spans agroforestry efforts to help boost the livelihood of farmers in various local communities throughout the Philippines. This initiative has made a significant impact on the environment, inspiring hope for a greener future.
ESGBusiness Awards 1: (from L-R): GCash Chief People Officer Robert Gonzales and GCash Vice President and Group Head for New Businesses and Wealth Management Winsley Bangit receive the awards for GCash onstage, handed by Contributing Editor of ESGBusiness Magazine Simon Hyett
"Our goal when we started GForest in 2019 was to make it easier for GCash app users to contribute to environmental efforts through tree planting," explained CJ Alegre, Sustainability Head at GCash. "Through digital transactions, GCash users can reduce their carbon footprint, equivalent to in-app energy points that users can use to plant virtual trees."
He continued, "GCash, together with its international and local partners, plant trees throughout the Philippines at no cost to users. GForest has planted over 2.8 million species, ranging from mangroves to native and fruit-bearing trees, including coffee and coconuts."
ESGBusiness Awards 2: (from L-R): GCash Chief People Officer Robert Gonzales, GCash Sustainability Head CJ Alegre, and GCash Vice President and Group Head for New Businesses and Wealth Management Winsley Bangit proudly pose with GCash awards for GForest and women empowerment.
GForest's design features several key elements for success. It uses science-based metrics to measure carbon reductions from digital transactions, incorporates gamification for user engagement through competitive rankings, and partners with credible organizations like the WWF, Ramon Aboitiz Foundation, Silliman University, etc., to select Indigenous tree species and crops. These selections are made based on each community's specific needs and conditions, ensuring the sustainability of the reforestation efforts and the enhancement of community livelihoods.
Moreover, GForest collaborates with environmental experts to determine the ideal species of trees in an area and to ensure that planted seedlings have a high survivability rate. All harvests from the trees also go to their respective communities, boosting farmers' livelihoods, who earn an incremental P25,000 annually from the produce.
In 2020, GCash set a goal to plant 2.3 million trees by the end of 2023. Despite the challenges, they surpassed this target by nearly 500,000 trees. Building on this success, GCash has now committed to planting 10 million digital trees by the end of 2025. GForest has 19 million registered users who have contributed to these tree-planting efforts.
Dedicated to collaborating with local partners to advance sustainability efforts and address broader community development needs, Gcash was recognized with the Climate Advocacy and Education Award—Philippines at the ESGBusiness Awards 2024.
Empowering gender equality and inclusive culture
Sustainability and diversity, equity, and inclusion are key pillars of GCash's sustainability strategy. With 55% of its over 90 million Filipino user base being women, GCash prioritizes a diverse, equitable, and inclusive workplace that actively supports and values women's contributions.
Acknowledging women's financial needs and the broader societal megatrends, GCash understands women's crucial role in driving the development of relevant and impactful financial services and solutions.
The company's commitment to inclusivity has led to women comprising 47% of its workforce and 49% of its leadership in 2024, well above the tech industry averages of 28.8% and under 10%, respectively.
"GCash is committed to gender equality and diversity through several key initiatives. Our DEI Day x Day Training program equips employees with inclusive communication skills and practices, achieving a 99% participation rate and 87% DEI certification. This commitment is reflected in an 88% inclusive management score from HR Asia Best Companies to Work for and Great Place to Work Surveys, indicating strong support for inclusive behavior and equal opportunities," shared GCash Chief People Officer Robert Gonzales.
The company also supports career advancement for women, particularly in tech, through programs like GTalks, which connect employees with women leaders for career insights and leadership journeys. GCash's no-mandatory dress code policy empowers employees to come to work as they are, dressed comfortably and authentically.
Additionally, GCash fosters an inclusive culture by partnering with Gallup to identify employees' strengths and facilitate career mobility, leveraging Gallup's focus on people's strengths to succeed in their careers.
GCash's commitment to championing women, diversity, equity, and inclusivity in the workplace earned them the Women Empowerment Award - Philippines honor at the ESGBusiness Awards 2024.
"We are honored to be recognized by the ESGBusiness Awards for our environmental protection and women empowerment initiatives. This recognition inspires us to strive for a better Philippines—where we can help more Filipinos thrive daily, be prepared for a rainy day, and plan for one day," stated GCash President and CEO Martha Sazon.
The ESGBusiness Awards recognizes and celebrates companies that are leading the way in building a sustainable future. The awards program honors businesses that demonstrate outstanding commitment and achievement in environmental, social, and governance (ESG) practices.
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