SM Prime earmarks 10% capex for disaster risk reduction plan

MANILA, Philippines -  SM Prime Holdings Inc. is setting aside 10 percent of its capital expenditure for disaster risk reduction to minimize its vulnerability to disasters.

“SM Prime allocates 10 percent of capital expenditure for DRR for the construction of buildings. By investing in resilience we minimize vulnerability, better safeguard physical assets, reduce recovery expense, and contribute to local government efforts,” SM Prime executive committee chairman Hans Sy said during the global gathering of leaders and major stakeholders on the implementation of disaster risk reduction.

Sy said with the investments in DRR, the company was able to provide “safer, healthier and happier communities.”

During the event, he enjoined other businesses to be “DRR-responsible.”

Sy said it is not enough to just comply with the required building codes.  He said firms must also continuously upgrade and retrofit their necessary infrastructure.

“Investing in resilience is definitely one of our key strategic goals,” Sy said.

SM Prime has a portfolio of 60 shopping malls in the Philippines and seven in China.

This year, the company is scheduled to open five new malls in the country – SM CDO Downtown Premier in Cagayan de Oro, SM Cherry Antipolo in Rizal, SM Center Tuguegarao Downtown in Cagayan, SM City Puerto Princesa in Palawan, and SM Center Lemery in Batangas.