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PH ready to tap World Bank's $500-M standby credit line amid Carina, Habagat
The Philippine government, through the Department of Finance (DOF), is preparing to secure a $500 million loan from the World Bank to fund relief and recovery efforts following Typhoon Carina.
This loan will be sourced from the World Bank's Climate Development Policy Loan with a Catastrophe-Deferred Drawdown Option (CAT-DDO5), a facility designed to provide immediate funds for disaster-related risks.
Finance Secretary Ralph Recto stated that the funds will be released as soon as the President declares a state of calamity in affected areas.
The allocated funds will be used to deliver essential services such as healthcare, shelter, and food to typhoon victims, and to support post-disaster emergency response, recovery, and reconstruction.
The release of these funds is contingent upon a presidential declaration of a state of calamity or a public health emergency.
The CAT-DDO5 is a component of the Philippines' Disaster Risk Financing Insurance (DRFI) strategy, which aims to ensure fiscal stability, develop sustainable financing for local government units, and protect the most vulnerable populations.
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The Department of Budget and Management (DBM) announced that over P11.12 billion in the calamity fund remains available for disaster relief efforts.
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The Department of Budget and Management (DBM) announced that over P11.123 billion remains available in the government's calamity fund for 2024, intended for relief efforts in the aftermath of Typhoon Carina.
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President Ferdinand "Bongbong" Marcos Jr. ordered a "very focused" government response and aid distribution to victims of Super Typhoon Carina and the enhanced Habagat.
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Various organizations, including Community Pantry PH, Tulong Kabataan PH Disaster Response Center, Alliance for Concerned Teachers, Angat Buhay, and Bahaghari, have launched relief operations and donation drives for victims of Super Typhoon Carina.
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The Government Service Insurance System (GSIS) has allocated P18.5 billion for emergency loans for members and pensioners affected by typhoon Carina and the southwest monsoon.
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