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Home Stock Market

‘Earthquake-proofing’ developments, values

Tom Hagler by Tom Hagler
03.12.2021
in Stock Market
‘Earthquake-proofing’ developments, values
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Recent reports of a strong earthquake possibly hitting Metro Manila within this lifetime have stoked fears in the country anew.

And understandably so for based on the handbook released by the Philippine Institute of Volcanology and Seismology in May, the 100-kilometer West Valley fault could produce a 7.2 magnitude earthquake that could kill 37,000 people in an instant, injure 604,000 persons and cause an estimated damage of P2.4 trillion to buildings.

But if there is anything good that has come out of all these, it is the fact that it had prompted the government and the private sector, particularly real estate developers, to spring into action and further beef up their preparations to help mitigate the potentially catastrophic impact of the “Big One.” At the same time, all these reports and discussions about the “Big One” have resulted in increased public awareness of the risks the country is facing and consciousness on the need to boost safety measures to help curb the devastating effects of a strong earthquake.

Renowned architect and urban planner Felino “Jun” Palafox Jr. stated the obvious: “While there are efforts on the part of the government, the Philippines remained largely unprepared for such an eventuality, with many of the country’s bridges and old buildings needing reinforcements and retrofitting to withstand such a strong force. ”
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Palafox further scored the poor urban planning in Metro Manila, as he pointed out that there were a number of structures that were built on or near the fault lines, posing serious hazards to both life and property. Add to that is the lack of the necessary facilities such as emergency clinics, water stations, food stations, shelters, and telecom command centers, that are all critical in case of a strong earthquake.

On a more positive note, however, Palafox said many of the country’s biggest real estate developers had been strictly following building codes and other pertinent laws that would ensure the integrity of their developments. A few of these companies, Palafox said, had even gone beyond the Philippine building code, “borrowing” international standards to ensure the safety aspect of their respective projects.

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