SM Retail Inc., which runs groceries and department stores in SM malls, said it will join efforts of the GMA Kapuso Foundation to rebuild schools in communities ravaged by storm ‘Ondoy.’

The company, a unit of SM Investments Corp. (SMIC), will donate P10 for every purchase worth P500 made from September 29 to October 5, Ricky Lim, SM Retail Inc.’s senior vice president, said in a letter to GMA Network Inc. senior vice president Wilma Galvante.

Proceeds will be turned over to the SM Foundation, which will in turn, donate it to the GMA Kapuso Foundation, Lim said in the same letter.

‘Thank you for this opportunity to work with you for this cause, and we look forward to this partnership in helping victims of Typhoon Ondoy,’ Lim said.

SMIC is the holding company of the Sy family, considered as the richest family in the Philippines.

Shares of SMIC rose P2.50 to P325 apiece during Tuesday’s trading at the Philippine Stock Exchange (PSE).

As of end-June this year, its net income reached P9.918 billion, 15 percent higher than the same period last year.

GMA Kapuso Foundation is the non-profit organization of GMA Network Inc., the country’s leading network. One of its subsidiaries include GMA New Media Inc., which in turn, fully owns Media Merge Corp., the company that runs GMANews.TV.

Shares of GMA Network Inc. rose 20 centavos to P8.30 during Tuesday’s trading at the PSE.

Profits of GMA Network Inc. reached P1.361 billion from January to June this year, 19.7 percent higher than the P1.137 billion reported during the same period last year, the company said. See related story here. – GMANews.TV