ADB approves $500-M loan for PH disaster response

The Asian Development Bank (ADB) approved a $500-million loan on Thursday to provide the Philippines with quick access to emergency funds during disasters or public health emergencies.

This loan supports pending legislation in Congress to merge disaster management functions under a proposed Department of Disaster Resilience, aiming to improve fiscal resilience and support climate change adaptation.

The program also includes a pilot disaster insurance scheme for several cities across the country and aims to integrate disaster risk reduction into local government development plans.