Rags 2 Riches: Up lifting lives through social entrepreneurship
For entrepreneur Reese Fernandez-Ruiz, a major turning point in her life was when she was named Young Laureate for the Environment at the prestigious Rolex Awards for Enterprise in 2010. The award brought international recognition to her efforts to help impoverished women in the Payatas dumpsite in Quezon City through the social enterprise Rags2Riches, a fashion and design house that empowers underprivileged community artisans.
Using a business model based on collaboration and inclusivity, Fernandez-Ruiz sought to break down barriers between the underprivileged community and the market. She adopted a marketing strategy that took cottage industry to the next level.
More important, her efforts transformed the lives of the women in Payatas, who provide Rags2Riches its merchandise. From living lives of abject poverty, the women now live with pride and dignity, equipped with entrepreneurial and life skills to achieve their ambitions.
Rags2Riches enabled Fernandez-Ruiz to achieve two goals: Create sustainable and eco-ethical products by upcycling waste like rags, scraps of fabrics, etc. into bags and other fashion accessories, designed for the high-end market; and empower women entrepreneurs in Payatas by eliminating the middleman so they can sell directly to retailers. By partnering with top designers like Rajo Laurel and Amina Aranaz, the Payatas women were able to level up their creations to world-class standards.
Just as Fernandez-Ruiz helped the women reach their goals, AXA MyAmbition, an investmentlinked product with insurance, also wants to help people secure their future and fulfill their dreams — by encouraging them to have a game plan in place that will enable them to live the life they choose.
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