Fidelidade is the insurer and manager of 6 Education Sponsorship funds in the amount of MOP$1 million each, offered by the Sands China Ltd. for the benefit of indirect victims of Typhoon Hato. The fund signing ceremony took place at Sands® Macao last Wednesday.
Typhoon Hato was one of the strongest and worst typhoons to impact Macao in the past 50 years. Causing significant damage along its path, the typhoon also left almost half of the city without water and electricity and many business and public transportation were forced to stand still. This deadly storm also claimed at least 10 lives.
After this tragedy, the community and many companies worked together to rise up the city as soon as possible. One year has passed and currently Macao barely feels Hato’s passage. However, there are many families that still recovering from the financial burden caused by the typhoon, dealing with unavoidable costs like house repair, loss of household items and specially the education of the dependent children of the victims.
Therefore, Sands China Ltd. created a Hato Education Sponsorship Fund, managed by Fidelidade, in the amount of MOP$6 million, MOP$1 million allocated for each recipient, to the affected children and young adults who lost a parent to typhoon Hato when it hit Macao in August 2017.
Each fund will be invested in a Fidelidade (Life) "EasySaver Insurance Plan” policy, a savings product with guaranteed return on balance (2% in 2018) and potential annual non-guaranteed return. Understanding the importance of this initiative and conscious of the financial impact that the typhoon has caused, Fidelidade decided to waive any surrender fees for the afore mentioned policies.
This fund shall be used by the respective beneficiaries to alleviate the costs of education. Qualified expenses can range from tuition fees, extra-curricular activities and school materials to accommodation for tertiary education.
Wednesday’s signing ceremony was attended by director of Social Affairs Bureau Wong Im Mui; deputy director general of Economic Affairs Department of Liaison Office of the Central People's Government in the Macao Special Administrative Region Zhu Hong; deputy director of the Gaming Inspection and Coordination Bureau Leong Man Ion; general manager of Fidelidade – Insurance Company Limited (Life) Paulo Barbosa and Ivan Cheung; and Dr. Wilfred Wong.
Mr. Ivan Cheung –Fidelidade Life General Manager stated “it is our honor to be appointed trustee of this education sponsorship fund and work with Sands China in supporting our community, carrying out our social responsibility and instilling more positive energy into society”.
Recognizing the social responsibility as insurance company, Fidelidade is participating in other initiatives of this nature, for the common good of the local community.