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Paywatch enters PH: Asia’s leading Earned-Wage Access (EWA) service to battle petsa de peligro among employees
Living paycheck to paycheck is common among Filipino households. Those who live this way are familiar with the term petsa-de-peligro, or the critical days of budgeting right before the next paycheck. Debt and petsa-de-peligro are often symptoms of lack of efficient financial access. These challenges are what Paywatch, Asia’s leading earned-wage access (EWA) service provider, aims to solve.
Paywatch recognized as a Top ESG at the 2023
Malaysia Fintech Frontier Awards. |
EWA allows employees to access some of their wages before the end of their payroll cycle, lessening their need to apply for short-term loans to cover day-to-day expenses or emergencies. With Paywatch, employees get to access their earned salary anytime and anywhere with just a few clicks. No need to file cash advance requests and definitely no interest charge.
Paywatch is quickly becoming the biggest EWA player in Southeast Asia as it opens in the country. As of last record, Paywatch services more than 300 employers and 500,000 employees in Malaysia, South Korea, Indonesia, and now, the Philippines.
Paywatch to mitigate debt traps among Filipino wage workers
Paywatch started its operations in the Philippines with a partnership with Wilmar International, one of Asia’s leading agribusiness groups. They also have a cohesive partnership with Shang Properties, an established real estate developer in the country. Employees at these companies are more empowered to manage their finances with an innovative EWA solution. In fact, Paywatch has received an overwhelming reception with 150% response to roadshows as employees invite their co-workers to learn more about EWA.
“So many Filipinos are faced with petsa de peligro on top of various financial challenges, especially debts. With this EWA innovation at hand, we at Paywatch aim to alleviate the financial stress that every Pinoy worker knows all too well. Moreover, it also contributes to strengthening businesses as it helps keep its employees secure and productive. Indeed, the impact of EWA is tangible and profound,” shares Rowell Del Fierro, President of Paywatch Philippines.
Paywatch to help businesses increase employee retention rate
Employers also benefit from Paywatch by addressing retention and productivity issues. Paywatch has noted that Southeast Asia faces a 67% turnover in its workforce, which greatly affects the business landscape in the region.
When employees can access their earnings, they can regain control of their finances and are motivated and productive at work. The service provider has a proven track record, with employers reporting increased productivity. An employer has noted a remarkable increase in employee retention, from 104% turnover rate pre-Paywatch implementation to 26% after the service was offered.
Paywatch also provides a customized approach and dedicated support to every business. Signing up only entails a one-time setup with zero disruptions to the human resources system and cash flow, whatever the industry or company size.
Paywatch is founded by industry and regional experts, all committed to helping alleviate its customers' financial burdens in the Philippines. This has made Paywatch the only EWA provider in partnership with multiple topnotch financial institutions such as VISA, Zurich, Hana Bank, OCBC Bank, UOB, and Hong Leong Bank . All central banks also endorse the provider within the locations it operates. Lastly, Paywatch has an unparalleled geographical reach and is the only EWA company serving four markets.
“Empowering employees towards financial freedom is not just our mission; it's our commitment to a brighter, debt-free future. Paywatch aims to transform the traditional payroll system to address the vicious cycle of debt. With our innovation, employees can gain control over their finances, access their hard-earned money for emergencies, and eliminate the need for predatory loan practices. Together, we can promote financial well-being and create a debt-free future for all wage workers,” says Alex Kim, co-founder and president of Paywatch.
P&G Health Unveils Breakthrough Solutions for Peripheral Neuropathy Management
1. Innovative Research: A leader in Nerve Health, P&G Health invests in continuous research, exemplified by studies like the NENOIN Study, to uncover effective solutions for Peripheral Neuropathy. This commitment to innovation underlines P&G's dedication to improving outcomes for those living with PN. PN is associated with poor functional mobility and compromised motor symptoms, in addition to sensory symptoms. These symptoms significantly worsen the quality of life of patients. Results from the NENOIN study concluded that the synergistic combination of vitamins B1, B6, and B12 can not only relief symptoms but also significantly improve nerve function in patients with PN which is a critical learning. This further underlines how early screening for PN and timely treatment can help improve quality of life and treatment outcomes2. Vitamin B Supplementation: Besides diabetes mellitus, aging, alcoholism, and B vitamins deficiencies are other high-risk factors leading to peripheral nerve damage. Vitamin B1, B6, and B12 play essential roles in the maintenance of a healthy nervous system. Vitamin B1 provides energy to the nerves, vitamin B6 helps with signal transmission in nerves, while vitamin B12 helps with neuronal regeneration. combination of vitamin B1, B6 and B12 that is scientifically proven to repair nerve damage, restore nerve function and regenerate nerves to relieve neuropathy symptoms.3. Pharmacist Engagement: Acknowledging the integral role of pharmacists in patient care, P&G advocates for their active involvement. By providing guidance on lifestyle modifications and recommending over-the-counter treatments, pharmacists play a vital role in supporting individuals with PN. A Speaker at the Forum, Dr. Kenny P Merin (Pharmacist, and Assistant Vice President, Academics & Research of Lyceum of the Philippines University Davao – Philippines) shared, "Pharmacists are an integral part of the healthcare team and can provide valuable support to patients with PN, yet often we are underutilized. Pharmacists are often the first point of contact and can drive early awareness of patient's condition, offer guidance on lifestyle modifications, and help optimize medication regimens. Pharmacists can also recommend over-the-counter treatments (e.g., therapeutic dose of Neurotropic B vitamins) for PN symptom relief. By actively engaging with patients and healthcare professionals, let's join hands to improve PN patients' long-term health and well-being.”4. AI-Powered Awareness: P&G's ongoing #KnowtheSigns campaign leverages Artificial Intelligence to make the often-invisible conditions of PN and Vitamin B deficiency more visible and relatable to consumers. Early diagnosis is emphasized as a critical factor in enabling better treatment outcomes.5. Collective Stakeholder Efforts: Insights from healthcare professionals around the globe underscore the importance of collaborative efforts, education, and early intervention. As a partner to International Diabetes Federation (IDF), P&G Health is committed to continued efforts to raise awareness on Diabetes and its associated complications including Peripheral Neuropathy and Vitamin B Deficiency. The goal is to create a comprehensive support system that addresses the challenges posed by Peripheral Neuropathy on a global scale.