January 27, 2023

Eureka News

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Standard Chartered Bank is here forever

Standard Chartered Bank (SCB), the first and oldest foreign bank in the Philippines, is delivering on its brand promise of being “Here Forever” as it supports the country’s growth and development over the years and amid the protracted global health crisis .

A proud witness to the country’s rich history, the 150-year-old bank has helped the Philippines through external headwinds including the Asian financial crisis, the global financial crisis and now the COVID-19 pandemic. Standard Chartered Bank continues to support the country in nation building, leveraging its deep local knowledge, extensive network and global expertise. United by its commitment to responsible and sustainable organization, SCB strives not only to create prosperous communities, but also to create long-term value.

Rosegen Galope, a former public school teacher and hardware owner in San Luis, Aurora, is among the beneficiaries of the SCB-ASKI Lifting Participation rural solar electrification program.

SCB prepares and empowers the next generation to be financially independent. Futuremakers by Standard Chartered is the Bank’s global initiative to fight inequality and promote greater economic inclusion of disadvantaged young people in communities through education, employability and entrepreneurship.

In the Philippines, SCB has partnered with SOS Children’s Villages to provide decent employment and alternative sources of income to more than 1400 youth beneficiaries, particularly young women and people with disabilities, through partnership development, employability projects and various capacity-building interventions. The project would also support young people in their digital further qualification.

The bank has also partnered with two leading microfinance institutions Alalay sa Kaunlaran Inc. (ASKI) and Tulay sa Pag-Unlad Inc. (TSPI) to provide financial support to more than 300 women micro-entrepreneurs and help them revitalize and boost their existing businesses severely affected by the pandemic. These projects also promote green and clean energy, sustainable agriculture, and digital adoption to build business resilience, particularly in disaster-hit areas.

High school students at Samar’s Catbalogan City Agro-Industrial School learned hydroponics gardening, a proposed solution to combating climate change.

Over the years, SCB has demonstrated its commitment to local communities. For the past five years, SCB Livelihood and Education for Agri/Aquaculture Development (SCB LEAD), one of the Bank’s flagship programs under Futuremakers, has supported the Catbalogan City Agri-Industrial School (CCAIS) in Samar. The program equipped its high school and graduate students with skills and knowledge to help them become professional farmers and gave them entrepreneurial opportunities by starting farm businesses at home.

In 2020, Standard Chartered was among eight companies named by London-based executive search and human capital specialists Leathwaite as having emerged as leaders in the global response to the Covid-19 pandemic and “leading the way”. This year, the bank launched a $50 million charitable fund to support victims of the pandemic worldwide. From the $50 million fund, the bank used the $25 million for immediate relief efforts and the remaining $25 million was allocated to COVID-19 recovery programs that support youth and women through education, employability and entrepreneurship .

In the immediate aftermath of the coronavirus outbreak and at the height of the lockdown, SCB distributed 10,000 family food packages to the most vulnerable communities in the Capital Region and Region IV-A, and donated reusable PPE kits to more than 40 hospitals and treatment centers across the country Help from the NGO Philippine Business for Social Progress.

As the bank celebrates its 150th anniversary in the Philippines this year, SCB reaffirms its commitment to greater participation – improving people’s lives by providing equal access to financial literacy and seed funding for youth-led businesses, particularly from small businesses run by young women to people with disabilities. Once again, the oldest international bank is delivering on its “Here for Good” promise by being a force for good.