Manila: The World Bank on Friday announced the release of $500 million (Dhs 1.83 billion) to the Philippine government for the recovery and reconstruction of areas devastated by typhoon Washi.
World Bank Acting Country Director Chiyo Kanda, said during times of natural disasters, it is the poor who are most affected.
"We hope the funds will give the Philippine Government flexibility to help families and communities recover, reconstruct vital infrastructure, and restore basic social services, as well as enhance the country's preparedness for natural disasters in the future," she said.
Washi, locally known as Sendong, devastated parts of the country during December 17-18, 2011.
An estimated 720,900 individuals have been affected by the storm, with 4,620 injured and the death toll reaching almost 1,260 persons. The National Disaster Risk Reduction and Management Council has estimated the damage to infrastructure, agriculture and school buildings at over P1.3 billion (Dhs108 million).
Kanda, who went to the affected area last month for a project site visit—including Iligan and Cagayan de Oro that were heavily damaged by the storm—said the fund reinforced the Bank's commitment to continue working with the government and other development partners in the short, medium, and long term, to build the resilience of affected areas and other parts of the country.
The funds come from the Disaster Risk Management Development Policy Loan with Catastrophe Deferred Drawdown Option (Cat-DDO), approved by the World Bank's Board of Directors in September 2011. The Cat-DDO is a line of credit for the Government of the Philippines to enhance its capacity to manage the impacts of natural disasters.
The release followed President Benigno Aquino's declaration of a State of National Calamity during his visit to areas affected by the storm and a request from the Philippine Government to access the $500 million liquidity facility.
Finance Secretary Cesar Purisima expressed appreciation for the quick response of the World Bank and the flexibility of the facility. "The Cat-DDO is a quick and flexible source of financing for a country like the Philippines which is vulnerable to natural calamities," he said.
The $500 million liquidity facility for the Philippines is the first of its kind in the East Asia and Pacific region.
Earlier, Filipino legislators urged authorities to strictly monitor how assistance is being utilized by government agencies as aid from foreign countries to flood-devastated areas of Northern Mindanao continue to pour in.
Senator Loren Legarda said the National Disaster Risk Reduction and Management Council should tightly monitor how government agencies are allocating the donations from abroad to areas devastated by Washi.
For his part, Senator Francis Escudero said the Philippine government has a record for misusing aid for rehabilitation of typhoon damaged areas.
The senator said that based on the Commission on Audit, P193.6 million (Dh16 million) in donations for victims of various typhoons from 2004 to 2010 have been sleeping in the bank unused.
"To gamble and take advantage of money intended to help save lives is a higher level of betrayal that to my mind should be meted the highest penalty," he said.
