10 things business can do when crises collide

My last article this year in this column talked about turning crises into opportunities. Let’s further pursue that perspective as we face not one crisis, but three at once.

Early this month, the World Bank told us plainly: corruption and the Middle East conflict are slowing Philippine growth. The flood control scandal—substandard and ghost projects exposed by the monsoon deluge—has shaken investor confidence and left communities underwater in more ways than one. And don’t even get me started on the politician-exacerbated flood problem in Dagupan!

At the same time, the Philippine Atmospheric, Geophysical, and Astronomical Services Administration and global monitors warn of a moderate to strong El Niño emerging by midyear and a super El Niño by year-end, after a 2025 that saw 10.7 million Filipinos displaced by disasters, the highest in the world. And because we import 98 percent of our oil, mostly from the Gulf, the war and the Strait of Hormuz blockade have cut our national buffer from 55 days to 45 days, prompting a national energy emergency under Executive Order No. 110 last March, and pushing inflation fears up to 8.6 percent though actual figures hit only 6.4 and 6.2 percent in June and July, respectively.

When the government is distracted, when nature is unforgiving, and when global markets are volatile, what can business do? Here are 10 things business can do collectively and in partnership with other sectors.

First, make integrity nonnegotiable. Refusing to pay a bribe alone is risky. Refusing together is strategy. Recommit to Integrity Pledges, enforce no-bribe policies down to the plant and sales level, and protect whistleblowers. Integrity Initiative, now is the time to rise like a phoenix!

Second, demand open procurement. The flood control scandal thrived in opacity. Business groups should push for mandatory open contracting, publication of beneficial owners, and digital, auditable bidding for all infrastructure, national and local. This column has cited Ken Abante and Aj Montesa and the angry nerds as young leaders driving transparency and accountability. They need the full support of business now, especially for the latest citizens monitoring group they helped launch, Bisto Proyekto.

Third, model tax integrity. Corruption changes how government functions. Business can restore fiscal space by doing the basics exceptionally well: paying correct taxes on time and advocating for a simpler, fairer system.

Fourth, climate proof beyond corporate social responsibility. With El Niño threatening P15 billion in agri-losses and typhoons costing 0.5 percent of gross domestic product (GDP) annually, every company needs a resilience plan: elevated warehouses, water harvesting, heat-resilient workplaces, and community preparedness, among others.

Fifth, accelerate energy independence. Oil dependence is a business vulnerability. Invest now in efficiency, rooftop solar, and renewable power agreements. The energy transition is no longer green branding; it is hedging.

Sixth, protect our people, especially our overseas Filipino workers (OFWs). Millions of Filipinos in the Middle East face job insecurity, and their remittances equal about 1.5 percent of GDP. Business can create reintegration pathways, skills matching, and safety nets at home as costs rise.

Seventh, secure food and water chains. Work directly with farmers and fisherfolk, not just traders. Forward contracts, climate-smart inputs, and cold chain investments will matter as dry spells hit.

Eighth, keep logistics resilient. The Philippines is among the most exposed to freight and fuel disruptions. Find alternative suppliers, build buffers for critical inputs, and use technology to reduce fuel costs.

Ninth, rebuild trust through collective action. No single company can solve systemic corruption or climate risk. What we can do is act as a bloc: MBC, MAP, Finex, PCCI, and sector groups speaking with one voice for accountability and for transparent deliberation of the proposed P7.2 trillion 2027 budget. One such platform for collective action is called the Roundtable for Inclusive Development, co-convened by Cardinal Pablo Virgilio David and Ramon del Rosario.

Finally, stay invested for the long term. The easiest response to scandal and shock is to pause. The better response is to stay, invest, and show that honest, resilient business still believes in the country.

This is the moment, more than ever, for Philippine business to fully embrace its role as a force for good—not as charity, not as public relations, but as core business strategy. Profit matters, but in a country grappling with corruption, climate disaster, and a global conflict that reaches our pumps and our OFW families, doing good is how we keep business viable and the country together.

In 2011, when I first wrote in this column as MBC executive director, we talked about governance reforms after another era of scandals. What carried us was a decision by business to be part of the solution. That decision matters again today.

That is what Business Matters means now.

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Peter Angelo V. Perfecto is the public affairs vice president of the Phinma Group and was former executive director of MBC.

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Business Matters is a project of the Makati Business Club (makatibusinessclub@mbc.com.ph).