MANILA, Jan 29 (Bernama-Xinhua) -- The Asian Development Bank (ADB) on Wednesday said it has approved a policy-based loan of US$500 million to provide the Philippines with quick access to financing in case of disasters triggered by natural hazards or health-related emergencies, reported Xinhua.
The ADB said the financing will support reforms to raise resilience and enable timely response and recovery efforts.
The Second Disaster Resilience Improvement Programme is a multiyear contingent disaster financing programme with an option to replenish the facility twice, upon approval by the ADB Board. Loan renewals are allowed if there is unutilised amounts after the initial five-year period.
According to the World Risk Report 2024, the Philippines ranked as the highest in disaster risk out of 193 economies in 2024.
"The Philippines is one of the fastest growing economies in Southeast Asia but is at high risk for earthquakes, volcanic eruptions, typhoons, rising sea levels, and flooding," said ADB Country Director for the Philippines, Pavit Ramachandran.
He said the programme helps boost the country's capacity for reducing and managing disaster risk nationally and locally, including state-owned and controlled corporations, and attain long-term resilience to lessen the impact of disasters, especially to the most vulnerable sectors.
-- BERNAMA-XINHUA
