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IQ-EQ Philippines’ Bid for Bliss

16 Jan 2024

In an effort to support our sustainability strategy, our team in the Philippines recently executed a hugely successful initiative – ‘Bid for Bliss.’ Bid for Bliss is a two-part auction that gave our employees the opportunity to purchase old but good office equipment at amazingly low prices. Aligned with our overarching sustainability, Environmental, Social, and Governance (ESG) strategy, and Corporate Social Responsibility (CSR) initiatives, these auctions held in September and October showcased an innovative approach to repurposing office equipment.

The auctions featured the sale of more than 700 remaining usable items from the old Manila office, with an array of items including 115 monitors and 204 laptops – some of which the employees bought for their children or family members who are also working or studying from home. Other items sold included office equipment ranging from office chairs to refrigerators. What sets this initiative apart was not just the disposal of assets but the way it engaged our employees, allowing them to acquire these items at exceptionally affordable prices while at the same time raising funds for our current and future CSR initiatives.

The first phase of the auction took place online, to accommodate employees working different shifts. Through an anonymous online bidding system and a real-time tracker, the auction spanned three days, resulting in a remarkable total of P1,005,567.23. This not only provided a cost-effective way for employees to obtain quality items but also set the stage for the second phase of the ‘Bid for Bliss’.

The second auction retained the online format but introduced an exciting twist – a live auction accompanied by music. Employees participated in real-time bidding through chat, while the remaining items were showcased during a four-hour online event. The event featured ‘Harmonies for Hope,’ a live concert between bidding sessions. This dynamic approach resulted in a swift yet impactful auction, generating P413,431.00.

Beyond the success of the auctions, a significant portion of the proceeds will be directed towards CSR initiatives spearheaded by our Philippines team. This underscores our commitment to sustainability and making a positive impact on our communities. IQ-EQ wins, employees win, our CSR partners win.

This initiative allowed IQ-EQ Philippines to manage disposing office equipment, helped our people purchase quality equipment for a fraction of the cost, and we get to contribute to our CSR partners.

Working with IQ-EQ has been seamless – you and your team understand our business, advise us appropriately, and handle your side of our collective partnership so that we can focus on making good investment decisions. Evan Gibson SVP, Merchants Capital

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