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Philippines to borrow $80 million from World Bank for disaster response

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ABS-CBN News

<p><br/>MANILA - The Philippines will draw $80 million (P4 billion) from the World Bank&#x27;s $500-million standby credit line for disaster relief and rehabilitation following the onslaught of typhoon Odette, the Department of Finance said on Thursday. </p><p>Finance Secretary Carlos Dominguez III said the World Bank&#x27;s loan facility will provide the government immediate access to funds for its ongoing efforts to aid the recovery of typhoon-hit areas. </p><p>&quot;This week, the DOF will draw $80 million from the World Bank disaster financing loan to fund the amount with cover in the 2021 budget,&quot; Dominguez said. </p><p>The Philippines will draw another $120 million from the same standby loan facility in the first week of January when the loan cover will be available in the 2022 national budget, Dominguez added. </p><p>A presidential declaration of a state of calamity or a public health emergency is required to trigger the release of the funds available under the $500 million standby loan facility, the DOF said. </p><p>President Rodrigo Duterte declared a state of calamity in Regions 4B (MIMAROPA–Mindoro, Marinduque, Romblon and Palawan), 6 (Western Visayas), 7 (Central Visayas), 8 (Eastern Visayas), 10 (Northern Mindanao) and 13 (Caraga).</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/12/22/21/world-bank-lending-ph-300-m-to-speed-up-vax-rollout">World Bank lending $300 million to speed up Philippines&#x27; vaccination rollout</a></li>	<li><a href="https://news.abs-cbn.com/news/12/23/21/we-have-nothing-left-odette-survivors-plead-for-help">&#x27;We have nothing left&#x27;: Philippine typhoon survivors plead for help</a></li></ul><div><strong>RELATED VIDEO</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=1867163" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div><div> </div>

The Philippines will draw $80 million (P4 billion) from the World Bank for disaster relief and rehabilitation following the onslaught of typhoon Odette