Disaster preparedness needs private sector participation

MANILA, Philippines - A study is being prepared to outline options for the private sector to help prepare the region’s disaster-prone economies better cope with future disasters.

The devastation brought about by Super Typhoon Yolanda last November affected more than 14 million people, shattered livelihoods, and destroyed crucial public infrastructure.

In the region, communities throughout the region prepare for approaching seasonal floods and storms. They are likewise looking for better options not only towards disaster response but towards disaster preparedness.

The Prudence Foundation, the charitable arm of Pru Life UK, and CSR Asia presented in a recent forum an exposure paper titled “Effective and Sustainable Recovery - The Role of the Private Sector.”

The paper will be updated to capture key insights from the forum and other sources to show effective ways for the private sector to help prepare the region’s disaster-prone economies better cope with future disasters. The final paper will be released in September 2014.

Prudential Corporation Asia and Prudence Foundation trustee Don Kanak said in the forum that there is a need and opportunity for businesses to look beyond the short term needs after a disaster and support mid- to long-term recovery efforts in cooperation with the humanitarian and government sectors.

“This forum creates an open dialogue between various sectors about the key issues around disaster recovery and how they can be resolved more effectively. We hope it results in more businesses playing a part in recovery efforts,” Kanak pointed out.

In March 2014, Prudence Foundation began a partnership with Habitat for Humanity Philippines (Habitat) to build 135 disaster-resilient homes in Santa Fe, Bantayan Island, Cebu as well as support sustainable livelihood through a contribution of 183 motorized boats with fishnets and 140 pedicabs or cycle rickshaws.

Mobilizing over 100 employees from 12 Asian countries and the United Kingdom, Prudence Foundation is the first organization to execute a post-Yolanda housebuilding project across the Philippines with Habitat.

Pru Life UK president and chief executive officer Antonio Manuel De Rosas said that the life insurer believes that a progressing community supports a thriving business, and the private sector has an important function in supporting growth in the midst of interferences like Yolanda and other natural calamities.

“It is our responsibility to explore ways to contribute in cultivating preparedness and to respond to the challenges brought about by disasters for long-term development,” De Rosas added.

Pru Life UK through the foundation also support a television advertisement which has boxing icon Manny Pacquiao giving tips to deal with natural catastrophes such as earthquakes and floods.

For his part, Richard Welford, chairman of CSR Asia, said that there was considerable synergy in ensuring that the most vulnerable groups are better equipped to cope with disasters and rebuild their lives in a way that provides new economic opportunities and reduces that vulnerability.

He added that the private sector can help by investing in the sustainable recovery and development of local communities. This holds the opportunity to create value for both vulnerable communities and businesses themselves.”

Pru Life UK is a subsidiary of British financial services giant Prudential plc. Pru Life UK is the pioneer and current market leader of unit-linked or investment-linked life insurance products, and is one of the first life insurance companies approved to market US dollar-denominated unit-linked policies in the country.

Prudence Foundation is the charitable arm of Prudential in Asia. The foundation brings Prudential’s regional community activities to a new level of strategic alignment and focus, to maximize the impact of its efforts across Asia.

CSR Asia builds capacity and promotes awareness of corporate social responsibility (CSR) in order to advance sustainable development across Asia.