To break the cycle of poverty in the Philippines, a lawmaker has donated P6 billion in shares and proceeds from share sales to assist underprivileged students and families affected by typhoons. He also urged politicians and contractors to voluntarily contribute part of their wealth to address pressing social challenges.
Through the Lingkod Legarda Leviste Foundation, Batangas Rep. Leandro Legarda Leviste said the donated shares are expected to generate at least P1 billion annually for the next 50 years, creating a long-term fund to support education and disaster relief in the Philippines.
Leviste hopes that the efforts can help break the cycle of poverty in districts like his-the poorest in Batangas-by supporting the education of underprivileged students.
Leviste, 32, turned to public service in 2024 after selling his controlling stake in SP New Energy Corporation to Meralco for around P34 billion. He plans to reinvest part of the proceeds in real estate and equities while pledging to eventually give away all of his wealth.
‘To be rich in the Philippines is like winning the lottery, and I believe the rich have a moral obligation to share what we have with our countrymen,’ Leviste said.
‘I hope that an increasing number of wealthy Filipinos will see that it is better to give away their wealth to the less privileged than to leave so much behind for their children, following the example of philanthropists like Warren Buffet and Bill Gates,’ he added.
Leviste also urged politicians and contractors to voluntarily contribute part of their wealth toward tackling urgent social challenges.
‘Given the issues facing our country now, I believe that it would be timely for more politicians and DPWH contractors to voluntarily give up more of their wealth [regardless of its source] to help solve our country’s problems,’ Leviste added.
Leviste’s programs have already reached over 150,000 students, providing P1,000 allowances, school bags, and supplies, while more than 1 million relief packs have been distributed to typhoon victims across the 1st District of Batangas, which includes Nasugbu, Lian, Calatagan, Tuy, Balayan, Calaca, Lemery, and Taal.