Purisima's vision for the vulnerable
Since dealing with the aftermath of Typhoon Haiyan as the Philippines’ finance minister, Cesar Purisima has become one of the most eloquent spokesmen for how finance can help nations vulnerable to climate change.
By the time Typhoon Haiyan made landfall in the Philippines on November 7, 2013, it was the most powerful storm ever recorded to strike land – worldwide. It killed at least 6,300 people in the Philippines alone, and affected 14 million, according to UN estimates.
And then, after the death and devastation, came the economic calculation.
“It hit us from various dimensions,” recalls Cesar Purisima, who was in office as the Aquino administration’s secretary of finance at the time. “From the grassroots level – our own people – that region was mainly agricultural and they didn’t have insurance for their crops, their structures, their businesses. Obviously multilaterals and bilateral friends stepped in, but it opened my eyes to the need to have a sustainable climate insurance mechanism at the grassroots level.