DOST-PHIVOLCS and UCPB Savings Bank, Inc. Memorandum of Agreement Signing for HazardHunterPH
November 2, 2022
by: Elynrae Soriano
The Department of Science and Technology-Philippine Institute of Volcanology and Seismology (DOST-PHIVOLCS) marked its formal collaboration with the United Coconut Planters Bank (UCPB) Savings Bank, Inc., through a Memorandum of Agreement (MOA) signed on November 02, 2022. The ceremony commenced with an opening remark from Dr. Teresito C. Bacolcol, Officer-in-Charge of DOST-PHIVOLCS. Dr. Bacolcol highlighted HazardHunterPH’s capacity for multi-hazard assessments and how it is beneficial for comprehensive preparedness and mitigation plans. It was followed by a welcome message from Ms. Lizette Margaret Mary J. Racela, President and Executive Director of UCPB Savings Bank, Inc., wherein she placed great emphasis on the aligned vision of the two parties. Ms. Racela firmly believed that more than gaining profit, it is of utmost importance to best serve existing and future clients by helping raise awareness on prevention, bringing them in a state of readiness, equipping them with proper information, and assisting in generating objective hazard assessments in preparation for natural crises, tragedies, and disasters. The speeches were followed thereafter by the formal signing of the MOA. This ceremonial signing is considered a milestone for the institute as UCPB is the first bank in the Philippines that partnered with DOST-PHIVOLCS for the integration of HazardHunterPH in their own system. Through this, hazard assessment processes will be streamlined and will consequently improve ease of doing business. The agency is optimistic that more banks and other financial institutions in the Philippines will also benefit in integrating the HazardHunterPH API into their respective information systems for accurate and more efficient generation of hazard assessments.