The pandemic has brought to a standstill industries all across the world. While tourism and hospitality sector continues to grapple with losses, the education sector is also suffering. Schools and colleges largely remain shut or function at low capacity, which is why revenues of educational institutions are continuing to decline. Further, loss of livelihood and reduced income has become a major reason for economic slowdown. A hospitality college in Bali has come up with an interesting solution to this problem.
According to a in The Bali Sun, Venus One Tourism Academy in Tegalalang, Bali, has allowed its students to pay their tuition fees in coconuts instead of cash. This is a great option for families who are unable to pay the fees due to economic slowdown and losses. Further, this initiative has incorporated the spirit of entrepreneurship in the students as the coconuts they bring in are being used to produce virgin coconut oil.
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Coconut oil is being produced from the coconuts submitted as fees.
The Academy's director, Wayan Pasek Adi Putra, told Bali Puspa, "Because of this Covid pandemic, we have adapted a flexible policy. We produce virgin coconut oil, so students can pay their tuition by bringing coconuts." The school also accepts moringa leaves as fees, as well as the leaves from gotu kola, a local medicinal plant. According to the report, the coconut oil and assorted leaves will be combined into "herbal soap products," which will be sold to raise money for the academy.
What a great way to harness natural resources and convert them into a viable source of income! We hope many more such educational institutions across the globe will follow suit.