MANILA – The country's business leaders encouraged fellow stakeholders in industry to invest in infrastructure that will support climate change resilience and sustainable development.
Citing the Sendai Framework for Disaster Risk Reduction, SM Prime Holdings Chairman Hans Sy noted that having an efficient and resilient infrastructure is imperative for the sustained growth of a nation, its economy and its citizen.
“In the Philippines, the private sector contributes about 70 to 80 percent of capital investments thus the need for critical infrastructure. This includes facilities for safety and security, transport, communication and other basic services like power and water as such,” he said during the Global Reporting Initiative (GRI) Sustainability Summit on Monday.
Sy said the private sector should integrate disaster risk reduction into its business models and process.
He cited SM Prime which has committed to allocate 10 percent of its capital expenditures to incorporate disaster resilient features in the design and construction of its property developments.
SM Vice Chair Teresita Sy-Coson underscored that sustainability has become an integral part of doing business.
“As more and more businesses get together to pursue the objective of operating sustainably, there is a need for us to have common measures on how we are performing,” she said.
Jaime Augusto Zobel de Ayala, chairman and chief executive officer of Ayala Corp., said corporations are now “working hand-in-hand” to address sustainability issue.
“In our education, we were all taught and trained to compete to move interest. We see now a phenomenon where people are beginning to coordinate to address broader issues,” he said.
Alternergy head Vincent Perez Jr. said about 70 percent of the earth’s resources are procured by about 500 companies worldwide.
“It just shows you how big a footprint corporations have in terms of sustainability,” he said.
Sunny Verghese, chairman of World Business Council for Sustainable Development, said sustainability should be in the hub of every business. (PNA)
