The Department of Finance (DOF) has assured the public that the national government is fully prepared financially to support relief and rehabilitation efforts in areas impacted by the devastation of Typhoon Kristine.
Finance Secretary Ralph G. Recto said the government has adequate funds available to facilitate immediate disaster response and bolster local government units' (LGUs) preparedness.
“Rest assured, we have adequate funds in the National Treasury to quickly deliver more critical services and fund post-disaster emergency response, recovery, and reconstruction efforts,” Recto said in a statement on Friday, Oct. 25.
He added that the government is committed to help communities recover and enhance their resilience against future disasters.
Under the 2024 national budget, the government has earmarked funds through the National Disaster Risk Reduction and Management Fund (NDRRMF) and the Quick Response Fund (QRF) specifically for disaster relief operations.
Recto said these funds will be directed towards the reconstruction and rehabilitation of crucial infrastructure such as roads, bridges, and buildings.
The relief efforts will also prioritize immediate needs, providing affected families with food packs, first aid, temporary shelters, and other essential supplies.
Recto also said they have additional financial resources available, including unprogrammed funds, a $500 million standby credit line, and a Rapid Response Option facility from the World Bank, as well as post-disaster standby financing from Japan.
The Bureau of the Treasury is also prepared to file claims under the National Indemnity Insurance Program (NIIP) to aid in repairing public schools damaged by the typhoon.
Additionally, the DOF aims to enhance LGUs' disaster response capabilities through the People’s Survival Fund (PSF) and promote micro-insurance for vulnerable populations, he said.
In a bid to alleviate the financial burden on taxpayers affected by the typhoon, the Bureau of Internal Revenue has extended the deadline for payments and reportorial requirements until Oct. 31, 2024, for select Regional District Offices.
The Bureau of Customs is also assessing its inventory of forfeited goods for potential donations to victims.
Moreover, the Social Security System and the Government Service Insurance System are offering calamity and emergency loans to those impacted.
The Land Bank of the Philippines is facilitating quick access to salary loans for employees and providing financial support to cooperatives and micro, small, and medium enterprises for disaster recovery.