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Manila Bulletin devider Business devider DOF eyes Word Bank loan for Odette-hit areas

DOF eyes Word Bank loan for Odette-hit areas

Published Dec 21, 2021 03:29 pm

The Department of Finance (DOF) is planning to tap the World Bank disaster response loan to fund the rehabilitation efforts in Typhoon Odette- affected areas.

Finance Secretary Carlos G. Dominguez III said they will activate the $500 million in contingency loan from World Bank that the government can quickly tap in the aftermath of natural disasters.

“World Bank has been put on notice,” Dominguez told reporters when asked about the Philippines’ fourth disaster risk management development policy loan signed last November.

“Amount to be drawn will be determined as soon as the respective agencies provide the figures to the DBM /DOE and approved by the Office of the President,” the finance chief explained.

However, Dominguez said a state of calamity has to be declared to facilitate the release of the $500-million World Bank loan.

“Funding for rehabilitation after the typhoon is assured from the recently signed $500 million loan from the World Bank. Upon the declaration of state of national calamity, the required funds will be immediately drawn,” he said.

Citing a mobile message from Defense Secretary Delfin Lorenzana, Dominguez assured that the National Disaster Risk Reduction and Management Council (NDRRMC) will recommend to the President the declaration of declare a state of calamity.

The the fourth disaster risk management development policy loan is a contingent fund that aims tol protect the government’s fiscal health following natural disasters and disease outbreaks.

The Philippine can access the new World Bank funds upon the declaration of a state of calamity and is available for three years after effectiveness of the project.

The government can also renew the credit line with the World Bank for up to a total period of 15 years.

World Bank had said the new lending supports on-going government efforts to strengthen disaster response and recovery policies and planning, including mainstreaming the use of pre-approved disaster rehabilitation and recovery plans.

The CAT-DDO4 also supports government efforts to integrate climate risk management in the preparation of provincial commodity investment plans among LGUs, which can lessen the extent of agricultural and fisheries damage resulting from natural hazards and extreme weather events.

Related Tags

DOF world bank Carlos G. Dominguez III Typhoon Odette Department of Finance Finance Secretary
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