World Bank loans PH $500 million for quicker disaster response

ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="AFP" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2019/life/06/15/201906015-climate-change.jpg"/><figcaption>A study finds that 47 percent of the Philippine population is in areas highly exposed to climate hazards such as earthquakes, tsunami, floods, tropical cyclones and drought. <em>File/Ted Aljibe, AFP</em></figcaption></figure></div><p>MANILA -- The World Bank (WB) on Friday said it has approved a $500 million dollar loan to help the Philippines rebuild schools, health facilities and homes faster after climate disasters.</p><p>Under the Philippines Disaster Risk Management and Climate Development Policy Loan with a Catastrophe Deferred Drawdown Option, the government now has the resources to restore or rebuild damaged schools, health centers, and houses after devastating storms or typhoons.</p><p>&quot;The real benefit of this support is its ability to rapidly deliver crucial services – such as healthcare, shelter, and food – to those most impacted by disasters or climate events,&quot; said Ndiamé Diop, the World Bank&#x27;s Country Director for Brunei, Malaysia, Philippines, and Thailand. </p><p>&quot;It&#x27;s about making sure the people who have the least are taken care of and can bounce back immediately after these disaster events,&quot; he added.</p><p>The funds can be released once the Philippine president declares a State of Calamity in response to a natural disaster or public health emergency.</p><p>This in turn triggers support in line with the Philippine Disaster Risk Reduction and Management Act of 2010 (DRRM Act). </p><p>The full amount of this financial support will be available for three years.</p><p>The loan also has a revolving feature, and the three-year drawdown period may be renewed up to four times, for a total maximum period of 15 years.</p><p>A study conducted in 2022 by two German institutions named the Philippines as the most disaster-prone country in the world. </p><div><strong>RELATED STORY:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1636401" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The World Bank has approved a $500 million dollar loan to help the Philippines rebuild schools, homes, and health facilities faster after disasters. 

World Bank loans PH $500-M for quicker disaster response

World Bank loans PH $500 million for quicker disaster response | ABS-CBN

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World Bank loans PH $500 million for quicker disaster response

World Bank loans PH $500 million for quicker disaster response

ABS-CBN News

Published Nov 17, 2023 05:23 PM PHT

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disaster

climate change

resilience

rebuild

school

disaster resilience

rehabilitation

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