World Bank approves $500-million loan to help PH respond to Covid-19
The World Bank’s board of executive directors has approved $500 million in financing to help strengthen the Philippine government’s capacity to address disaster risks, respond to and recover from natural disasters. The financing will also support urgent needs created by the Coviso-19 crisis.
This Third Risk Management Development Policy Loan is part of the World Bank’s long-standing support to the Philippines’ broader policy reform efforts to boost its resilience and capability to prepare for and recover from disasters. This loan follows two previous Risk Management Development Policy Loans in 2012 and 2015.
The government is currently in the process of strengthening the Philippines’ institutional framework for disaster risk management through the creation of a new department for Disaster Risk and Resilience.
“The World Bank is committed to supporting efforts to strengthen the Philippines’ capacity to prepare for and respond to natural disasters as well as health and economic shocks like COVID-19,” said Achim Fock, World Bank Acting Country Director for Brunei, Malaysia, Philippines and Thailand. “Natural disasters and pandemics disproportionately hurt poor families and communities. Enhancing risk management and the capacity to address these challenges can help ensure that the Philippines can sustain progress in poverty reduction.”
The Third Risk Management Development Policy Loan will support key policy reforms being undertaken by the government in the area of disaster risk management, including:
- Adoption and implementation of a unified disaster rehabilitation and recovery planning framework by the national government and local government units;
- Promotion of integrated hazard and risk analysis in physical planning, and in support of policy development;
- Development of multi-year investment plans for seismic risk reduction and retrofitting of important government buildings; and
- Implementation of an emergency cash transfer program during shocks.
The Philippines is one of the most hazard-prone countries in the world. Across its 7,641 islands, the Philippines is exposed to multiple natural hazards including typhoons, earthquakes, flooding, storm surges, tsunamis, volcanic eruptions and landslides. Close to 74 percent of the population is vulnerable to natural disasters and 60 percent of total land area is exposed to multiple hazards.
In addition to these natural hazards, the country is now facing the impacts of the global outbreak of COVID-19. Philippines President Rodrigo Duterte has declared a public health emergency and a state of calamity, mandating full cooperation among all government agencies and local governments to address the COVID-19 threat.
The World Bank has expressed its solidarity with the people of the Philippines and is working closely with the authorities to support action to address the unfolding COVID-19 emergency through financial support and just-in time technical assistance.
The World Bank Group is rolling out a $14 billion fast-track package to strengthen the COVID-19 response in developing countries and shorten the time to recovery. The immediate response includes financing, policy advice, and technical assistance to help countries cope with the health and economic impacts of the pandemic. The IFC is providing $8 billion in financing to help private companies affected by the pandemic and preserve jobs. IBRD and IDA are making an initial US$6 billion available for the health response. As countries need broader support, the World Bank Group will deploy up to $160 billion over 15 months to protect the poor and vulnerable, support businesses, and bolster economic recovery.
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