Stanchart taps network to aid typhoon victims

British banking giant Standard Chartered PLC has joined the growing list of foreign companies that have pledged to help survivors of Typhoon Yolanda rebuild their lives.

In a statement, the bank said it approved an initial donation of $50,000 for aid to typhoon-affected areas. This donation will be coursed through the Red Cross in the Philippines.

In addition, the bank will match all global staff donations to support longer-term reconstruction through Habitat for Humanity in the Philippines.

Standard Chartered said it would also tap its local and global network of more than 70 markets to raise more funds and support “in-kind” for victims of Typhoon Yolanda, which tore through Visayas on Nov. 8.

“It has been encouraging to see the overwhelming support, concern and assistance from the group and our staff throughout the Standard Chartered network,” the bank said.

“It is important to ensure that the effort to recover from this disaster is sustained. Our aim is to help the funding of sustainable initiatives that run beyond short-term relief work and help communities re-establish themselves in some of the worst-hit areas,” it added.

In a report last week, Standard Chartered said that while the loss of lives due to Yolanda was devastating, the economic impact of the typhoon remained unclear.

The bank noted that major food-producing areas in Northern Luzon were largely untouched by the storm. In addition, Cebu, one of three major hubs of the business process outsourcing (BPO) industry in the Philippines, was also spared from the effects of the typhoon.

The National Economic and Development Authority (Neda) expects economic growth to slow down to 4.1 percent in the fourth quarter of the year from more than 7 percent in the first three quarters.