The World Bank Board of Executive Directors approved a $500-million worth loan to help the Philippines to respond to the coronavirus 2019 (Covid-19) pandemic.
In a statement, the loan, which is the Third Risk Management Development Policy Loan extended by the World Bank to the Philippines. The first two loans were extended in 2012 and 2015.
The loan, the World Bank said, is part of the efforts to support strengthening the Philippines’ institutional framework for disaster risk management, which includes the creation of a new department for Disaster Risk and Resilience.
“The World Bank is committed to supporting efforts to strengthen the Philippines’ capacity to prepare for and respond to natural disasters as well as health and economic shocks like COVID-19,” said Achim Fock, World Bank Acting Country Director for Brunei, Malaysia, Philippines and Thailand.
“Natural disasters and pandemics disproportionately hurt poor families and communities. Enhancing risk management and the capacity to address these challenges can help ensure that the Philippines can sustain progress in poverty reduction,” he added.
The loan will be used to adopt and implement a unified disaster rehabilitation and recovery planning framework by the national government and local government units.
World Bank said the funds will also be used to integrate hazard and risk analysis in physical planning, and in support of policy development.
The loan will also finance the development of multi-year investment plans for seismic risk reduction and retrofitting of important government buildings; and Implementation of an emergency cash transfer program during shocks.
The Philippines is one of the most hazard-prone countries in the world. Across its 7,641 islands, the Philippines is exposed to multiple natural hazards including typhoons, earthquakes, flooding, storm surges, tsunamis, volcanic eruptions and landslides.
Close to 74 percent of the population is vulnerable to natural disasters and 60 percent of total land area is exposed to multiple hazards.
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PA ano po namin malalamn Kong na approved po kami sa Dole region 3