Sen. Loren Legarda called on the public to strengthen preparedness for risks during disasters in light of the earthquake that hit Luzon on July 27.
“Let’s strengthen our preparedness to disaster risk, whether it’s human induced or not. Retrofitting old infrastructure and building right at first sight will help in preventing disaster loss,” she said.
In November 2021, the World Bank approved the Fourth Disaster Risk Management (DRM) Policy Loan with a catastrophe-deferred drawdown option of $500 million for the Philippine government.
This line of credit is intended to strengthen the country’s institutional and financial capacity to manage risks from climate change, natural disasters, and disease outbreaks.
After Typhoon Odette and the declaration of state of calamity by then President Rodrigo Duterte, the Department of Finance applied for a $200-M drawdown in December 2021 and January 2022.
The Philippines still has $300M from the DRM standby loan facility of the World Bank, which can be used for coordination and relief operations considering the aftermath of the 7 magnitude earthquake. “Let us invest in where it truly matters so our development gains would not be wasted come another disaster,” Legarda said. – Press release
