BUSINESSES need to include economic and societal resilience in their long-term strategy, the top official of SM Investments Corp. (SMIC) said, as he pointed to the lessons from the pandemic’s disruptions.
Frederic C. DyBuncio, president and chief executive officer of SMIC, said the world is approaching the end of the pandemic with businesses turning optimistic about sustaining a post-pandemic rebound.
“While this positive outlook may result in better conditions for businesses and the job market, we need to take a broader view of our resilience strategy if we are to bounce back better for the long term,” Mr. DyBuncio said.
Businesses should learn from the disruptions that were caused by the pandemic and come out with plans for the environment, he said.
He pointed out that the Philippines sits within the typhoon belt, an area where more than 30% of the world’s tropical cyclones form, thus the pressing need to implement a mitigation roadmap.
According to Mr. DyBuncio, the SM group has focused on answering the need for a robust ecosystem to sustain developing countries through the impact of climate change.
SM puts 10% of its capital expenditure into incorporating disaster resiliency and sustainability in its infrastructure designs, disaster preparedness of its communities, and forwarding disaster resiliency advocacies among local governments and international communities.
“The conglomerate’s property arm, SM Prime Holdings, Inc. is leading the charge within the group,” said SMIC.
Mr. DyBuncio also emphasized the need to “correct” the perception of the impact of global issues on the Philippines.
“[Climate change is not one of them] as it increases the risk of biodiversity loss, natural resource crisis, and human environmental damage,” said Mr. DyBuncio.
The SM group, with its aim of playing an important role in curtailing societal impacts, has signed on to the Task Force for Climate-Related Financial Disclosures.
Through this, SM “will be assessing its risks and taking practical steps to reduce its impact by shifting to renewable energy sources to power its operations, among other actions,” Mr. DyBuncio said.
Mr. DyBuncio said that the group aims to change the Filipino’s future and its people into a more climate-resilient one.
“We urge that we look at our climate agenda through the lens of the Philippines’ agenda and the realities that Filipino businesses and local communities face every day,” he added. — Justine Irish D. Tabile