(Copy and pasted from another PCV... thanks, Christina!)
The first option given supports sustainable development throughout the country. Since Haiyan hit the areas that are highest priority, it is a safe bet that any donations to this fund will eventually turn into educational, environmental, or youth development in those areas.
The second option goes directly to volunteers and and staff affected by the disaster. They are all safe, but we've been told some of our staff are dealing with some very personal losses.
If you want to help, but you want your contribution to be more personal, rather than getting swallowed by the faceless void of Red Cross, may I suggest one of these?
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