Recto: Gov't Funds Ready For Typhoon-Hit Areas

Finance Secretary Ralph G. Recto has assured the public that the national government has sufficient funds available to quickly finance the relief and rehabilitation of areas affected by Typhoon Kristine, as well as to further strengthen local government units' (LGU) disaster preparedness and response efforts.

Under the General Appropriations Act (GAA) of 2024, the national government has funds available through the National Disaster Risk Reduction and Management Fund (NDRRMF) and the Quick Response Fund (QRF) to support various disaster relief operations. I Photo: Philippine Coast Guard Facebook

"Rest assured, we have adequate funds in the National Treasury to swiftly deliver critical services and fund post-disaster emergency response, recovery, and reconstruction efforts," said the Finance Chief.

"We are doing everything to ensure that we have enough funds to help everyone recover. Together, we will quickly rebuild and regain what we have lost. To prevent future damages, we will also enhance the capacity of our LGUs to improve their disaster preparedness and response efforts," he added.

Under the General Appropriations Act (GAA) of 2024, the national government has funds available through the National Disaster Risk Reduction and Management Fund (NDRRMF) and the Quick Response Fund (QRF) to support various disaster relief operations.

These funds will be used for the reconstruction, rehabilitation, and repair of damaged roads, bridges, buildings, and other infrastructure after every calamity.

The funds will also be used to address the immediate needs of affected communities by providing food packs, first aid, medicines, temporary shelters, and other emergency necessities.

In addition, the Department of Finance (DOF) has access to unprogrammed funds, a USD 500 million standby credit line, the Rapid Response Option (RRO) facility, and several contingent emergency response components from the World Bank.

There is also post-disaster standby financing available from Japan. These funds can be withdrawn and released immediately once the national government decides to access them.

As part of the country’s Disaster Risk Finance strategy, the Bureau of the Treasury (BTr) is ready to file a claim under the National Indemnity Insurance Program (NIIP) to finance the repair and rehabilitation of public schools damaged by Typhoon Kristine.

Moreover, the DOF will continue to support LGUs' disaster preparedness and climate adaptation initiatives through the People’s Survival Fund (PSF).

Through the Bureau of Local Government Finance (BLGF), the DOF will also promote micro-insurance coverage for vulnerable populations in LGUs frequently affected by natural calamities.

To assist taxpayers severely impacted by the typhoon, the Bureau of Internal Revenue (BIR) has extended the deadline for payments and the submission of reportorial requirements in selected Regional District Offices (RDOs) until October 31, 2024.

The Bureau of Customs (BOC) is currently assessing its inventory of forfeited goods, food, and agricultural products that are safe for donation to typhoon victims.

Additionally, the Social Security System (SSS) and the Government Service Insurance System (GSIS) are extending financial assistance to Filipinos affected by the typhoon through their calamity and emergency loan programs.

The Land Bank of the Philippines (LANDBANK) will also facilitate quick access to salary loans for employees of government agencies and private companies with LANDBANK payrolls.

Moreover, it will provide financial support to cooperatives, micro, small, and medium enterprises (MSMEs), corporations, and electric distribution utilities for immediate working capital and disaster recovery.