MANILA - The World Bank's private investment arm, the International Finance Corporation, launched the pilot run for the Building Resiliency Index (BRI) in the Philippines as it aims to boost the disaster-preparedness of the country's real estate sector.
The BRI is a web-based software aimed at monitoring and boosting the real estate sector's measures against calamities.
The index would rate buildings and projects in the Philippines based on a 5-level grading system, namely A+, A, B, C and R ratings.
Ommid Saberi, Senior Industry Specialist for Green Buildings at IFC said, said the Philippines was chosen for the launch because the country regularly deals with floods, typhoons, landslides, earthquakes and other natural disasters.
He said, this is part of the IFC's efforts in promoting investments in green and resilient buildings.
"Investing $1 in building resilience can save $10 in damage. So every $1 invested in resilience can benefit the owner or country or project," Saberi explained.
The initiative is supported by BPI, SM Prime Holdings, and leading Green Building developer NEO Group.
American organizations like insurance firm FM Global and structural engineering company Miyamoto International are also supporting the program.