Tuesday, August 27, 2019

The Impact of Earthquakes and Natural Calamities in the Real Estate Industry (Part 2)


In review of the Philippine geographic settings, our country sits in the middle of the typhoon alley where these storms coming from the Pacific Ocean hit first areas like the Philippines all year round specifically during the monsoon (rainy season) times. The two very devastating storms that affected us were Ondoy which severely affected Metro Manila and parts of Northern Luzon putting a halt into everyday lives of the residents of the affected areas. Other than that Typhoon Yolanda which is considered the worst at that time devastated a lot from infrastructure, agriculture, livelihood and lives of the townsfolk of the Visayas region.   

Based on the reports of UN, the Philippines is highly prone to natural disasters from earthquakes and volcanic eruptions due to its location in the Pacific Belt Ring of Fire zone where we are affected like countries that sit on this like for example Japan, Western Coast of United States (including Hawaii), Canada, Eastern Russia, Mexico, Peru, Chile and other countries that are located within the Pacific Ring of Fire.

Department of Disaster Resilience. In 2010, Congress passed Republic Act (RA) 10121 or the Philippine Disaster Risk Reduction and Management Act (DRRM Act), which was considered a landmark legislation for Philippine disaster-risk reduction and management. This replaced Presidential Decree 1566 enacted sometime in 1978 (link).

Recently, an application through the internet called Hazard Hunter PH was established by a collaboration between government agencies and other stakeholder involve in disaster preparedness and like Department of National Defense - Office of Civil Defense, Department of Environment and Natural Resources - Mines and Geosciences Bureau, Department of Science & Technology's Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) and Philippine Institute of Volcanology and Seismology (PHIVOLCS)

This application was launched in July 2019 and it aims to help buyers, land developers, students and other stakeholders in making basic geological risk and geological hazard assessment on properties located in their respective areas. This is made like one stop application for all one's need in making easy for everyone to use with its user friendly interface for one to interact in doing a research in possible acquisition of properties in one's area.  

About the Writer

CRB Benedict Baluyut is a professional real estate broker, real estate appraiser and associate of C. F. Baluyut Realty. He is currently the Vice President for External Affairs, Real Estate Brokers Association of the Philippines, Inc. (REBAP) - Pampanga Chapter. You can get in touch with him at https://www.cfbaluyutrealty.com.

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