Environmental experts have called on businesses to adopt more comprehensive risk management plans and be more mindful of environmental risks in their place of business to avoid disasters in the future.
In a webinar organized by the Bank of the Philippine Islands (BPI), Renato Solidum Jr., undersecretary of the Department of Science and Technology, said businesses in the country must be capable of identifying climate and environmental risk exposures to mitigate risks.
The Philippine Institute of Volcanology and Seismology records an average of 20 earthquakes daily, alongside other environmental threats such as typhoons that have increased in frequency and intensity due to climate change, flooding and volcanic eruptions.
Ed Tongson of the Word Wide Fund for Nature (WWF) in the same forum advised businesses to have their buildings assessed and to explore the added protection of financing their risks.
“Financing your risk is a partnership between you, your bank and your insurance company.
Our advice is for insurance to cover replacement costs for your peace of mind,” Tongson said.
Both experts also cited the need for tools to identify and measure risk exposures including the Hazard Hunter application.
