Rappler
World Bank loans $500 million to PH for coronavirus response
The World Bank has approved a $500-million loan to support the Philippines' capacity building in addressing the COVID-19 pandemic and strengthening disaster risk response and recovery programs.
This loan is the third risk management development policy loan from the World Bank, aimed at bolstering the Philippines' resilience and capability policy reforms.
The funds will assist the government in establishing a stronger institutional framework for disaster risk management, including the creation of a new Department for Disaster Risk and Resilience.
Achim Fock, World Bank acting country director for the Philippines, emphasized the bank's commitment to enhancing the nation's preparedness for natural disasters, health crises, and economic shocks.
The loan is expected to help the Philippines develop a unified disaster rehabilitation and recovery planning framework for both national and local government units.
Furthermore, the financing will support the integration of hazard and risk analysis in physical planning and aid in policy development.
The government is also expected to use the funds to create multi-year investment plans for seismic risk reduction, retrofit government buildings, and implement an emergency cash transfer program during crises.
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