DoF eyes $500-M credit line for ‘Carina’ victims

The Department of Finance (DoF) on Wednesday said it could mobilize the $500-million standby credit line from the World Bank following the declaration of a state of calamity by President Ferdinand Marcos Jr. due to typhoon “Carina.”

“This will allow us to rapidly deliver critical services like healthcare, shelter, and food to those affected by typhoon ‘Carina’ as well as fund post-disaster emergency response, recovery, and reconstruction efforts,” said the DoF.

The $500-million credit line is available to the Philippines under the World Bank’s Philippines Disaster Risk Management and Climate Development Policy Loan with a Catastrophe-Deferred Drawdown Option.

The DoF said the loan can be used to support financing programs of local government units (LGUs) to protect communities against climate change and natural disasters and disease outbreaks.

Marcos authorized LGUs to declare a state of calamity in their areas as typhoon Carina continued to flood many areas in Metro Manila and nearby provinces on Wednesday. This prompted the President to order the suspension of classes at all levels and work in government offices as recommended by the National Disaster Risk Reduction and Management Council.