World Bank OKs $700-M loan for PH's community resilience project

GMA Network

6 days ago

Multilateral lender World Bank has approved a $700-million loan for the Philippine government's initiative to make communities less vulnerable to natural disasters.
In a statement, the World Bank said that approximately 18 million households in the Philippines are expected to become less vulnerable to natural disasters in the coming years, 'due to enhanced community-led planning and infrastructure investments.'
The Washington-based lending institution said the $874.35-million Philippines Community Resilience Project 'will engage communities in identifying climate and natural hazard risks and developing resilience plans.'
To bankroll the project, the World Bank said it will provide $700 million through an 'International Bank for Reconstruction and Development loan.'
The Philippine government, on the other hand, will provide the remaining $174.35 million.
The World Bank said the project will prioritize 500 climate-vulnerable municipalities across 49 provinces in the Philippines.
The lender added that the municipalities are selected based on their high poverty incidence and significant exposure to climate hazards.
Moreover, it said the initiative will support 177 municipalities with an indigenous population of 10% or more, thereby aiding approximately 33% of the total indigenous population in the country.
"By empowering local communities to take the lead in building resilience against climate change and disaster risks, the Philippines is not only addressing immediate environmental challenges but also fostering a culture of proactive engagement and resilience," said Zafer Mustafao?lu, Division Director for the Philippines, Malaysia, and Brunei.
Initiatives under the program include flood and drought mitigation, landslide and slope protection, surge protection and breakwaters, windbreakers, and retrofitting of existing infrastructure to withstand extreme weather events, according to the World Bank.
Moreover, the project will support erosion control, agroforestry, and other nature-based solutions for ecosystem conservation, including community forests, wetlands, marshes, and waterways, erosion control, water conservation, and agroforestry.
The lender said the project would also include adoption of services and technologies in areas such as sustainable agriculture and food security —climate-smart farming innovations and small-scale irrigation systems.
The World Bank said the Philippines ranks at the top of the World Risk Index due to its high vulnerability and exposure to cyclical extreme events.
In 2023, out of 2.6 million disaster-related displacements, 2.1 million were attributed to two major climate-induced hydroclimatic events, namely typhoons and floods, the lender said.—LDF, GMA Integrated News