Standard Chartered Bank (SCB), the first and oldest foreign bank in the Philippines, lives up to its brand promise to be “Here for good” as it continues to support the growth and development of the country through the years and amid the protracted global health crisis.
A proud witness of 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 on its deep local knowledge, extensive network, and global expertise. Merging its commitment to being a responsible and sustainable organization, SCB not merely seeks to create prosperous communities but also provides long-term value.
SCB has been preparing the next generation and empowering them to be financially independent. Futuremakers by Standard Chartered is the bank’s global initiative to tackle inequality and promote greater economic inclusion for disadvantaged young people in the communities through education, employability, and entrepreneurship.
In the Philippines, SCB partnered with SOS Children’s Villages to provide more than 1400 youth beneficiaries, particularly young women and people with disabilities, with decent employment and alternative sources of income through partnership development, employability projects, and various capacity-building interventions. The project would also support the youth in their digital upskilling.
The bank also partnered with two leading microfinance institutions Alalay sa Kaunlaran Inc. (ASKI) and Tulay sa Pag-Unlad Inc. (TSPI) to extend financial support to more than 300 women microentrepreneurs to help them revive and boost their business operations that have been gravely impacted by the pandemic. These projects also promote green and clean energy, sustainable farming as well as digital adoption to build business resilience, particularly for calamity-stricken areas.
Through the years, SCB has demonstrated its commitment to the local communities. For the past five years, the SCB Livelihood and Education for Agri/Aquaculture Development (SCB LEAD), one of the bank’s flagship programs under Futuremakers, has been supporting the Catbalogan City Agri-Industrial School (CCAIS) in Samar. The program equipped its senior high school and graduate students with skills and knowledge to help them become professional farmers and gave them entrepreneurial opportunities through the set-up of home-based agri-businesses.
In 2020, Standard Chartered was among the eight companies cited by London-based executive search and human capital specialist firm Leathwaite that stepped up and “walked the walk” for leading in the global response to the Covid-19 pandemic. That year, the bank launched a USD50 million charitable fund to support victims of the pandemic globally. From the USD50 million fund, the bank used the USD25 million for immediate relief efforts, and the remaining USD25 million was allocated for COVID-19 recovery programs supporting the youth and women through education, employability, and entrepreneurship.
Immediately after the outbreak of the coronavirus and at the height of the lockdowns, SCB distributed 10,000 family food packs to the most vulnerable communities in the national capital region and region IV-A and gave reusable PPE sets to more than 40 hospitals and treatment centers nationwide with the help of NGO Philippine Business for Social Progress.
As the bank celebrates its 150th anniversary in the Philippines this year, SCB reaffirms its commitment to lifting participation – improving the lives of people by providing equitable access to ﬁnancial education and seed funding for youth-led businesses, especially small businesses led by young women and those with disabilities. Once again, the oldest international bank delivers on its “Here for good” promise by being a force for good.