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Manila Bulletin devider Business devider DOF gets World Bank standby fund for crisis management

DOF gets World Bank standby fund for crisis management

Published Apr 22, 2024 12:43 am

The Department of Finance (DOF) has secured a standby fund from the World Bank that the Philippines can readily utilize during emergency or crisis situations.

In a statement on Monday, April 22, the DOF announced that the signing of the Rapid Response Option (RRO) agreement with the World Bank Group (WBG) by Finance Secretary Ralph G. Recto.

The Philippines is the first country to sign the RRO agreement with the Washington-based multilateral institution.

The RRO is part of the WBG’s expanded crisis preparedness and response toolkit that seeks to help countries respond quickly and effectively in times of crisis.

It allows countries like the Philippines to access up to 10 percent of their unused funds with the International Bank for Reconstruction and Development to help with emergency response.

In times of crisis, the RRO agreement ensures immediate access to funds, enabling countries to provide essential services such as healthcare, shelter, and food without delay.

“We greatly welcome the introduction of the Rapid Response Option, which significantly enhances our capacity to ensure economic security for the Filipino people,” Recto said after the signing ceremony last April 20 in Washington D.C.

“Through this, we can safeguard our hard-earned development progress, strengthen our resilience against shocks, and keep our development targets on track,” he added.

The WBG has developed several new tools in its Expanded Crisis Preparedness and Response Toolkit, including the RRO, expanded catastrophe insurance, and substantially scaled-up access to pre-arranged financing for emergency response.

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Department of Finance (DOF) ralph recto World Bank Group Finance Secretary
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