MANILA - Consumers and select sari-sari store owners in the Philippines can now earn cash through the collection of post-consumer plastic, Century Pacific Food Inc said Wednesday.
In a disclosure to the stock exchange, Century Pacific said it would participate in the global Waste-to-Cash program of the Plastic Credit Exchange (PCEx) which aims to incentivize microentrepreneurs while protecting the environment.
Under the program, sari-sari stores can become collection points of plastic wastes, while consumers can sell post-consumer plastic for a "predetermined price" per kg to designated collection points.
Once filled up, the exchange program will purchase the waste at a "mark-up," Century Pacific Food said.
The company said it has installed 2 10 to 20 foot containers for sari-sari store owners in Barangays 432 and Baseco Port in Manila to assist in their collection of post-consumer plastic.
Each container can hold up to 5,000 to 7,000 kg of waste, it said.
"Through this program, both sari-sari store owners and community members are given the opportunity to not only make extra income, but are also empowered to depollute the environment around them," the company said.
The Philippines could tap as much as $1.1 billion in material value by recycling more plastic wastes annually, a World Bank report earlier said.