Six months on from devastating Typhoon Haiyan credit unions re-open for business

Six months on from devastating Typhoon Haiyan—credit unions re-open for business

Almost six months on from devastating Typhoon Haiyan, that claimed the lives of almost 6,000 Filipino's; the rebuilding process is well and truly underway. As reported in February this year, the consolidated fundraising efforts of Cufa, the World Council of Credit Unions (WOCCU) and the Irish League of Credit Unions raised more than US$240,000, earmarked for the post-typhoon rehabilitation project.

One of VICTO National's affiliated credit unions, Metro Ormoc Community Multi-Purpose Cooperative (OCCCI), has 42 branches, all damaged by the typhoon, serving 97,000 members with US$8 million in deposits. Considered one of the country's most active credit unions, OCCCI has a membership base of predominantly rice and coconut farmers and fisherfolk. Nearly 80 percent of OCCCI's members were impacted by the typhoon, according to OCCCI CEO Jose Mosquite. World Council Senior Vice President for Technical Services Peter Graves recently spent two days with Renia Salinas, CEO of VICTO National visiting affected credit unions in Tacloban City and Ormoc to see first-hand the impact rebuilding is having. WOOCU, overseeing the relief efforts, determined that Credit Unions associated with VICTO National—cooperative federation and development centre in the region - were most affected, requiring the immediate renovation and rehabilitation of nine of the worse-off branches. Rebuilding was deemed important for disaster recovery and community confidence.

Update by Cufa.

Thank you to all those individuals who donated and to those Mutuals and Credit Unions who coordinated appeals through their branches. CUFA looks forward to following the progress of the post-typhoon relief efforts and keeping you up to date.

Learn more about the effort to rebuild credit unions