Philippines Secures ₱14 Billion Loan From France
FRANCE – The Philippines has secured a ₱14 billion loan from France to support the enhancement of disaster risk response of local government units.
The Philippines is one of the world’s most at risk from the effects of the climate crisis. The country is hit by an average of 20 typhoons every year.
Typhoons wipe out homes, harvests, and infrastructures in already impoverished areas. Super typhoon Odette entered the Philippine Area of Responsibility (PAR) last Dec. 14 then intensified on Wednesday morning, Dec. 15. It is the strongest typhoon to hit the country this year.
More than 300,000 people fled their homes as Odette destroy Visayas and Mindanao. The super typhoon ripped off roofs and destroyed power poles. It knocked out electricity and communications in many areas.
Lots of people are now in dire need of food and water. The typhoon’s property damage in Siargao reportedly already cost billions. In a previous article, island mom Andi Eigenmann said she will donate her Youtube earnings to help rebuild Siargao again.
READ ALSO: Odette Death Toll At 211, Says PNP Report
Based on a report from GMA News, the Department of Finance (DOF) said a French public financial agency Agence Française de Développement (AFD) committed to lend the Philippines €250 million, or around ₱14 billion, to support and build up disaster risk reduction efforts at the local level.
“The Disaster Risk Reduction Enhancement at the Local Level Programme seeks to support LGUs in a sustainable trajectory, as well as build the resilience of local economies and communities,” the DOF said.
The funding will “support the Department of the Interior and Local Government (DILG) in the process of decentralizing the mandate and services for disaster risk reduction and climate change management to the Local Government Units (LGUs). It will not only help build the capacity of the LGUs but also support ongoing reform programs throughout the country, taking into account the demands of the ‘new normal’ that seeks to address public health emergency concerns, as demonstrated by the COVID-19 experience,” it added.
The funds also aim to limit damage, build local resilience, and make the recovery period more effective following a disaster. AFD said the loan is the result of a long-time partnership with the Department of the Interior and the Local Government.
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READ ALSO: Duterte Orders Additional Budget For Odette Response, Says Go
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