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Chicago Tribune
Chicago Tribune
Comment
Butch Meily

Commentary: Humanitarian impact bonds would allow businesses to be private saviors for public disasters

In May, Typhoon Mawar, the world’s strongest storm this year, was barreling toward the Philippines, where I live and work. Filipinos immediately began evacuating by the thousands. Mawar then slammed through Guam, carrying winds that gusted to 140 mph and killing most of the island’s power, but swerved away from the Philippines at the last minute. Yet we were soon under threat once again because another typhoon, Guchol, was hurtling toward us.

We know well the enemy we’re facing. The Philippines is No. 1 on the World Risk Index, suffering from more than 20 typhoons and storms a year. These weather catastrophes can be scary. I once saw my father, a tough-as-nails veteran of World War II, run screaming down the stairs of our house as a typhoon ripped our roof off.

Such disasters strike all over the world with growing scale and frequency, threatening and destroying lives and property. Typically, nonprofit relief agencies such as the American Red Cross step into the breach to lend a hand. But seldom are these rescue efforts adequate without significant help from the private sector.

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