Urgent Evoke

A crash course in changing the world.

IMAGINE5: World 2.0: The Bank of Change

May 17, 2020

Slums of Tondo, Manila

Philippines

 

Breaking News:

 

A new form of banking has emerged in the Philippines that aims to uplift the status of the poorest of the poor. This innovation began with the 'Bank of Change', where Filipinos classified as 'severely poor' can exchange their coins (also known as 'change', hence the clever double-meaning name of the bank) for more than its original monetary value.

 

Example:

one 5 centavo coin = 25 centavos

one 10 centavo coin = 1 Peso

one 25 centavos coin = 5 Pesos

one 1 Peso coin = 10 Pesos

one 5 Peso coin = 20 Pesos

one 10 Peso coin = 50 Pesos

 

The rationale behind this sudden increase in the value of coins is that the cost of raw materials needed to produce these coins are higher than its original monetary value. Collecting these already circulating coins are then smelted and returned to its raw form.

 

Only those Filipinos classified as 'severely poor' may open a bank account in the Bank of Change. These Filipinos, who often receive coins through selling of sampaguitas and other small items or singing (or simply begging) in the streets will be able receive more than its original value, allowing them to jumpstart their way out of poverty.

 

This innovation was also initiated by the government due to the 'lack of respect for the Piso', in which our National Hero Jose Rizal is the face. Often these coins are seen along the streets, treated as 'worthless' in this struggling economy.

figure 1 - coins can be seen anywhere and nobody even bothers getting them.

 

That value of 'every penny counts' has been lost, with everybody aiming for a lucky draw in the lottery instead.

 

As a reward for those who respected the Filipino coins and collected them instead of just throwing them away, they can now convert them for at most 5 times its worth! It just goes to show that although the times may be changing, our value and respect for money must remain the same.

 

figure 2 - Coins are symbols of one's Nation. Those who treated them with great value were rewarded.

Views: 20

Comment

You need to be a member of Urgent Evoke to add comments!

Join Urgent Evoke

Latest Activity

Ning Admin is now a member of Urgent Evoke
May 17, 2023
N updated their profile
Sep 25, 2020
Sophie C. commented on Asger Jon Vistisen's blog post Stinging Nettle
"I love that you've brought this to attention. An extensive database of uncommon but resistant and hardy plants/foods could be developed and organized by climate. Ease of growth and processing should also be taken in to account. I will try to…"
Aug 19, 2020
Meghan Mulvey posted a blog post

Fourth of July on the Lake

This past weekend was the annual celebration at the lake house in Connecticut. It is amazing that the lake is still so clear and beautiful after all these years. The watershed association has done a wonderful job protecting these waters from the damaging effects of development.The wood grill was finally ready to cook on, so we didn't miss the propane tank fueled grill anymore. The food actually tasted fresher than in the past and was easy to keep fueled.Dad was very proud of the solar hybrid…See More
Jul 6, 2020
Asger Jon Vistisen posted a blog post

Stinging Nettle

In this blog post I will focus on a plant that is abundant in our nature, and which is immensely nutritious. It's of course the Stinging Nettle. Let's start with the chemical constituents of this plant:37 % Non-Nitrogen-Extracts19 - 29 % Ash9 - 21 % Fiber4 % Fat22 % ProteinOnce the leaves are drid, their protein content can reach an astounding 40 %, which is much higher than beef, which even under the best of circ**stances can never exceed 31 % protein. In addition the Stinging Nettle consists…See More
Apr 13, 2020
Jonathon McCallum posted a blog post

The meal

It is 7'oclock, I was late home from work due to an assignment that i wanted to get ahead on. By the time I get home I am feeling extremley tired and I cannot be bothered to make a proper meal. I walk to the fridge and open it to see what there is for me to eat. All of the out of date foodstuffs have been automaticaly thrown away by the fridge, they will be recycled tomorrow as animal feed or something. I see i have organic local eggs and some local cheese. Foods are vacc** sealded for easy…See More
Mar 10, 2020
Jean Paul Galea shared a profile on Facebook
Mar 1, 2020
Kevin posted a blog post

Future

FutureToday is 2020/1/1. It is just like yesterday. The war is still continuing. It has started since 2010. In 2010, that year was a horrible year. Almost every energy ran out. Every country’s governments were crushed down at the same time. There were riots everywhere. All of the big company’s bosses were killed xdeadx in the riots. Troops fought each other everywhere. Food was bought up xawayx at once. There were no more food supplies in any shops. The economy was all crushed down. All the…See More
Jan 1, 2020
Namwaka Mooto posted blog posts
Jan 13, 2016
T D updated their profile
Sep 3, 2015
Brook Warner posted blog posts
Aug 25, 2015
Santiago Vega posted blog posts
May 5, 2015
Santiago Vega commented on Santiago Vega's blog post Act 8
May 5, 2015
Santiago Vega posted photos
May 5, 2015
Rico Angel Rodriguez posted blog posts
May 2, 2015
Rico Angel Rodriguez posted a photo

public servants

The exchange works directly for state and public workers and servants. It gives them credit in exchange for the amount of public work they contribute to the community. The more constructive they are based off a base rate the more credit they recieve.
May 2, 2015

Follow EVOKE on Twitter




Official EVOKE Facebook Page




EVOKE RSS Activity Feed










© 2024   Created by Alchemy.   Powered by

Badges  |  Report an Issue  |  Terms of Service